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Patton Company purchased $600,000 of 10% bonds of Scott Co on January 1, 2022, paying $564,150 The bonds mature January 1, 2032 interest payments will
Patton Company purchased $600,000 of 10% bonds of Scott Co on January 1, 2022, paying $564,150 The bonds mature January 1, 2032 interest payments will be received mach June 30 and December 31st. The discount of $35,850 provides on effective yield of 11% Patton Company uses the effective interest method and plans to hold these bonds to maturity Patton Co's journal entry at June 30, 2022 would include a
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