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You are auditing the books of Triumph, Inc. as of December 31, 2018. The following information was obtained by you: Trading securities: 6% ABC Bonds

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You are auditing the books of Triumph, Inc. as of December 31, 2018. The following information was obtained by you: Trading securities: 6% ABC Bonds (Interest payable June 1 and Dec 1) Date Particulars Debit Credit Balance Year 2018 Feb 1 Purchase of 1,500,000 bonds at 102, plus accrued interest 1,545,000 1,545,000 Mar 1 Sale of 500,000 bonds including accrued interest 585,000 960,000 June 1 Interest received 30,000 930,000 Nov 1 Sale of 400,000 bonds at 103 including accrued interest 422,000 508,000 Dec 1 Interest received 18,000 490,000 The journal entry to record the sale on Nov 1, would include a: O a. Debit cash for 412,000 O b. Credit Interest income for 10,000 O c. Credit Gain on sale of 14,000 O d. Credit Investment in bonds 412,000

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