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On July 1, 2024, Teal Mountain Inc., a public company purchased $440,000 of Monty Corpo. 10-year, 4% bonds for $405,800 to earn interest. The bonds
On July 1, 2024, Teal Mountain Inc., a public company purchased $440,000 of Monty Corpo. 10-year, 4% bonds for $405,800 to earn interest. The bonds had a market rate interest of 5%. The bonds pay interest semi-annually on January 1 and July 1. Teal Mountain Inc. has a December 31 year end. At December 31, 2024, the bonds are trading at 96.
Record the receipt and payment of the first interest payment on January 1, 2025 for Teal Mountain Inc, and Monty Corp
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