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On October 1, 2017, Cullumber Company purchased 920 of the $1000 face value, 7% bonds of Loy, Inc., for $996000, including accrued interest of $19600.
On October 1, 2017, Cullumber Company purchased 920 of the $1000 face value, 7% bonds of Loy, Inc., for $996000, including accrued interest of $19600. The bonds, which mature on January 1, 2024, pay interest semiannually on January 1 and July 1. Cullumber used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Cullumber's December 31, 2018 balance sheet, the carrying value of the bonds is
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