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Pharoah Limited had the following transactions pertaining to debt investments. Jan. 1, 2020 Purchased 801,800 Petal Co. 8% bonds for 144,000 cash. Interest is payable
Pharoah Limited had the following transactions pertaining to debt investments. Jan. 1, 2020 Purchased 801,800 Petal Co. 8% bonds for 144,000 cash. Interest is payable annually on January 1. Dec. 31, 2020 Accrued interest on the Petal Co. bonds. Jan. 1, 2021 Received interest on Petal Co. bonds. Jan. 1, 2021 Sold 30 Petal Co. bonds for 96,480. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Prepare the adjusting entry for the accrual of interest at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
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