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Prepare the journal entry of gatrong to record the purchase

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On Janurary 1, 2013, Gatrong Corporation purchased 12%, 5 years Fleming Corporation bonds with a face value of $ 200,000. It expects to hold these bonds until maturity. The bonds pay interest semiannually on June 30 and December 31. Gatrong paid $215,443, a price that yields a 10% effective annual interest rate. Prepare the journal entry of Gatrong to record the purchase of the bonds.

Reference no: EM131179901

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