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On July 1, 2021. Yengler inc. purchased $100,000 of Arnold Company bonds by paying cash $95,000. The Arnold bonds pay 6% interest but were purchased
On July 1, 2021. Yengler inc. purchased $100,000 of Arnold Company bonds by paying cash $95,000. The Arnold bonds pay 6% interest but were purchased when the market interest rate was 7%. The bonds pay interest semiannually on June 30 and December 31 of each year. In Yengler's December 31, 2021, journal entry to record the interest. Yengler would record a credit to interest revenue of: Multiple Choice $3,336. $3,325 $3,000. $3,500
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