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On January 1, Year 1, Narito Company purchased a P100,000 face value 5-year bond of...

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Accounting

On January 1, Year 1, Narito Company purchased a P100,000 face value 5-year bond of Wolf Corporation for P108,600, a price that yields 5% on a stated interest rate of 7%. Interest is payable annually at December 31. The bonds investment is measured at amortized cost. Required: Give all the entries in the books of Narito Company for years 1 through years 3 as a result of foregoing.

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