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On January 1, 2017, Garzon purchased 9.00% bonds issued by PBS Utilities at a cost...

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Accounting

On January 1, 2017, Garzon purchased 9.00% bonds issued by PBS Utilities at a cost of $44,800, which is their par value. The bonds pay interest semiannually on July 1 and January 1. For 2017, prepare entries to record Garzon's July 1 receipt of interest and its December 31 year-end interest accrual. (Do not round your intermediate calculations.)

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