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please i want the answer soon. Question: Company purchased 500,000 of 8% bonds of Microchip Corporation on January 1, 2015, at a discount, paying 461,390.
please i want the answer soon.
Question: Company purchased 500,000 of 8% bonds of Microchip Corporation on January 1, 2015, at a discount, paying 461,390. The bonds mature January 1, 2020 and yield 10%; interest is payable each July 1 and January 1.
Assume that Mayan Company sells its investment on November 1, 2017, at 80% plus accrued interest.
Record the following 1. Mayan records this discount amortization
2. Computation Gain on Sale of Bonds
3. Cash Sale entry
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