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Sarasota Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and credits, with the following descriptions. Feb. 1,2020
Sarasota Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and credits, with the following descriptions. Feb. 1,2020 Sharapova Company common stock, $80 par, 160 shares April 1 U.S. government bonds, 12\%, due April 1, 2030, interest payable April 1 and October 1,108 bonds of $1,000 par each July 1 McGrath Company 12% bonds, par $53,300, dated March 1, 2020, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2040 Your answer is partially correct. Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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