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On January 1, 2016, Hyde Corporation purchased bonds with a face value of $300,000 for $308,373.53. The bonds are due June 30, 2019, carry a
On January 1, 2016, Hyde Corporation purchased bonds with a face value of $300,000 for $308,373.53. The bonds are due June 30, 2019, carry a 13% stated interest rate, and were purchased to yield 12%. Interest is payable semiannually on June 30 and December 31. On March 31, 2017, in contemplation of a major acquisition, the company sold one-half the bonds for $159,500 including accrued interest; the remainder were held until maturity.
PAGE 2016 PAGE 2017 PAGE 2018 PAGE 2019 GENERAL JOURNAL Score: 96/395 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Jan. 1 Investment in Held-to-Maturity Debt Securities 308,373.53 Cash 308,373.53 Jun. 30 Cash 19,500.00 Interest Income 18,502.41 Investment in Held-to-Maturity Debt Securities 997.59 Dec. 31 Cash 19,500.00 Interest Income 18,442.56 Investment in Held-to-Maturity Debt Securities 1,057.44 PAUL 2016 PAUL 2017 PAUL 2018 PAUL 2019 GENERAL JOURNAL Score: 96/395 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT PAGE 2016 PAGE 2017 PAGE 2018 PAGE 2019 GENERAL JOURNAL Score: 96/395 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT
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