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QUESTION 2 Jenek Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 70 8%, $1,100 Leeds Co. bonds for $77,000 cash. Interest

QUESTION 2

Jenek Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 70 8%, $1,100 Leeds Co. bonds for $77,000 cash. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Leeds Co. bonds. July 1 Sold 42 Leeds Co. bonds for $52,360.

Prepare the adjusting entry for the accrual of interest at December 31

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