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On July 1, 2014, Day Co. received $103,288 for $100,000 face amount, 12% bonds, a price that yields 10%. Assuming management does not elect the

On July 1, 2014, Day Co. received $103,288 for $100,000 face amount, 12% bonds, a price that yields 10%. Assuming management does not elect the fair value option, prepare the adjusting entry for December 31, 2014 and the payment of interest on july 1, 2015.

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