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Question 1 F:15 Astro Mile & Co. owns vast amounts of corporate bonds. Suppose Astro Mile buys $700,000 of TruffleCo bonds at face value on

Question 1 F:15

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Astro Mile \& Co. owns vast amounts of corporate bonds. Suppose Astro Mile buys $700,000 of TruffleCo bonds at face value on January 2 2, 2024. The TruffleCo bonds pay interest at the annual rate of 3% on June 30 and December 31 and mature on December 31,2033. Requirements Astro Mile intends to hold the investment until maturity. 1. Journalize any required 2024 entries for the bond investment. 2. How much cash interest will Astro Mile receive each year from TruffleCo? 3. How much interest revenue will Astro Mile report during 2024 on this bond investment? Requirement 1. Journalize any required 2024 entries for the bond investment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Astro Mile's investment on January 2, 2024

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