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On July 1, 2021, Marin Inc., a public company, purchased $590,000 of Bramble Corp. 10-year, 3% bonds for $541.763 to earn interest. The bonds
On July 1, 2021, Marin Inc., a public company, purchased $590,000 of Bramble Corp. 10-year, 3% bonds for $541.763 to earn interest. The bonds had a market interest rate of 4%. The bonds pay interest semi-annually on January 1 and July 1. Marin Inc. has a December 31 year end. At December 31, 2021, the bonds are trading at 96. Assuming Marin Inc. purchased the bonds from Bramble Corp., record the journal entries required on July 1 for Marin Inc., and Bramble Corp. (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.) Marin (investor) Date Account Titles and Explanation Debit Credit July 1 (To record purchase of investment.) Bramble (investee)
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