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Q2. On January 1, 2022, Morgan Company acquires $300,000 of Nicklaus, Inc., 9% bonds at a price of $278,384. The interest is payable each December
Q2. On January 1, 2022, Morgan Company acquires $300,000 of Nicklaus, Inc., 9% bonds at a price of $278,384. The interest is payable each December 31, and the bonds mature December 31, 2024 . The investment will provide Morgan Company a 12% yield. The bonds are classified as held-forcollection. Instructions a. Prepare a 3-year schedule of interest revenue and bond discount amortization. (Round to nearest cent.) b. Prepare the journal entry for the interest receipt of December 31 , 2023, and the discount amortization
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