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ABC Company purchased $80.000 of 8 percent bonds of XYZ Corporation on January 1, 2010,...

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Accounting

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ABC Company purchased $80.000 of 8 percent bonds of XYZ Corporation on January 1, 2010, at a discount, paying $73,822. The bonds mature January 1, 2015 and yield 10%. Interest is payable each paid semiannually on July I and January 1. Instructions (a). Record the investment in the books of ABC company on January 1,2010. (b). Record the receipt of the first semiannual interest payment on July, 2010 in the books of ABC company

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