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Take me to the text Raman Company paid $247,000 to purchase a portfolio of debt investments on March 1, 2020. Management's intention is to
Take me to the text Raman Company paid $247,000 to purchase a portfolio of debt investments on March 1, 2020. Management's intention is to hold them for less than one year. Management does not intend to hold any debt investments until their maturity in this portfolio. Do not enter dollar signs or commas in the input boxes. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Required a) Prepare the journal entry to record the purchase of these debt securities. Date Account Title and Explanation Mar 1 Short-Term Investment - Bonds Cash To record purchase of investments Debit Credit 247000 247000 b) On March 15, 2020, Raman Company received interest of $1,800 from the debt investments in this portfolio. Prepare the journal entry to record the receipt of interest. Date Account Title and Explanation Mar 15 Cash Interest Revenue To record receipt of interest Debit Credit 1800 1800
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