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On January 1, 2023, Concord Corp. purchased at par 10% bonds with a maturity value of $283,000. They are dated January 1, 2023, and
On January 1, 2023, Concord Corp. purchased at par 10% bonds with a maturity value of $283,000. They are dated January 1, 2023, and mature on January 1, 2028, with interest receivable on December 31 of each year. The bonds are accounted for using the amortized cost model. Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Jan. 1, 2023 Account Titles and Explanation Debit Credit Prepare the journal entry to record the interest received for 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Dec. 31, 2023 Account Titles and Explanation Debit Credit Prepare the journal entry to record the interest received for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Dec. 31, 2024 Account Titles and Explanation Debit Credit Prepare the journal entry to record the redemption of the bond at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Jan. 1, 2028 Debit Credit
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