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Prepare the entries in the books of hat acquisition of bonds

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Reference no: EM132793193

Question - On January 1, 2021, Hat Company acquired $100,000 face value 8% bonds of Large Mouth Corporation to yield 6%. The bonds were dated January 1, 2021, and mature on December 31, 2025, with interest payable each January 1. Hat intends to hold the bonds to maturity.

Required -

A - Prepare the entries in the books of Hat Acquisition of bonds on January 1, 2021.

B - Prepare the entries in the books of Hat for the year-end adjusting entry at December 31, 2021.

Reference no: EM132793193

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