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Prepare Cheyennes journal entries for the purchase

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Question - Cheyenne Corporation purchased, as a held-to-maturity investment, $49,000 of the 8%, 5-year bonds of Harrison, Inc. for $53,179, which provides a 6% return. The bonds pay interest semiannually.

Required - Prepare Cheyenne's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization. Assume effective-interest amortization is used.

Reference no: EM132529312

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