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Prepare the adjusting entry for the accrual of interest

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Question - Chopin Corporation had these transactions pertaining to debt investments:

Jan.1 Purchased 90 10%, $1,000 Martine Co. bonds for $90,000 cash. Interest is payable semiannually on July 1 and January 1. July1 Received semiannual interest on Martine Co. bonds.July1Sold 30 Martine Co. bonds for $32,000.

Instructions

(a) Journalize the transactions.

(b) Prepare the adjusting entry for the accrual of interest at December 31.

Reference no: EM132134574

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