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Prepare Blossom journal entries for the purchase

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Reference no: EM132819143

Problem - Blossom Company purchased, on January 1, 2020, as a held-to-maturity investment, $66,000 of the 8%, 5-year bonds of Chester Corporation for $60,996, which provides an 10% return. Prepare Blossom's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used.

Reference no: EM132819143

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