Prepare the journal entry for interest receipt of december, Accounting Basics

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Prepare the journal entry for interest receipt of december

On January 1, 2012, Morgan Company acquires $350,500 of Nicklaus, Inc., 9% bonds at a price of $333,370. The interest is payable each December 31, and the bonds mature December 31, 2014. The investment will provide Morgan Company a 11.00% yield. The bonds are classified as held-to-maturity.

(d) Prepare the journal entry for the interest receipt of December 31, 2013, and the discount amortization under the effective-interest method.

Cash DR $31545
Debt Investment DR $?
Interest Revenue CR $?

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Accounting Basics: Prepare the journal entry for interest receipt of december

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Accounting Basics: Prepare the journal entry for interest receipt of december

Reference No:- TGS0708777

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Request for Solution File

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Accounting Basics: Prepare the journal entry for interest receipt of december

Reference No:- TGS0708777

Recent Questions Asked Accounting Basics

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