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Prepare garfield journal entries for purchase of investment

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Reference no: EM132138490

Question - Garfield Gunman; purchased, as a held-to-maturity investment, $80,000 of the 9%, 5-year bond on Chester Corporation for $70,086, which provides an 11% return.

Prepare Garfield'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: EM132138490

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