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Quagle Company had the following transactions pertaining to debt investments. 2017 Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is

Quagle Company had the following transactions pertaining to debt investments.

2017

Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is payable annually on January 1.

Dec. 31 Accrued annual interest on Steve Company bonds.

2018

Jan. 1 Received interest from Steve Company bonds.

Jan. 1 Sold 24 Steve Company bonds for $26,000.

Instructions

Journalize the transactions.

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