Flounder Corp. purchased $276,000 of five-year, 7% Hydrocor bonds at 99 on June 30,2024. Flounder...
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Flounder Corp. purchased $ of fiveyear, Hydrocor bonds at on June Flounder Corp. purchased the bonds to earn interest. Interest is paid semiannually each June and December The semiannual amortization amount for the first interest period is $ determined using the effectiveinterest method. At December the bonds were trading at
Prepare the required journal entries on June and December Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. List all debit entries before credit entries.
Date
Account Titles
Debit
Credit
To record receipt of interest.
To record fair value adjustment.
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