Brookhaven & Co. owns vast amounts of corporate bonds. Suppose Brookhaven buys $700,000 of MayaCorp...
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Brookhaven & Co. owns vast amounts of corporate bonds. Suppose Brookhaven buys $700,000 of MayaCorp bonds at face value on January 2, 2016. The Maya orp bonds pay interest at the annual rate o 3% on June 30 and December 31 and mature on December 31, 2020. Brookhaven intends to hold the investment until maturity. Requirements 1 Ho w uld the bond investment be dass ed on Brookhaven's December 31, 2016, balance sheet? 2. Jounalize the following on Brookhaven's books: a. Receipt of final interest payment on December 31, 2020 b. Disposal of the investment at maturity on December 31, 2020
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