On July 1,2024, Sage Hill Inc., a public company, purchased $390,000 of Cheyenne...
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Accounting
On July Sage Hill Inc., a public company, purchased $ of Cheyenne Corp. year, bonds for $ to earn interest. The bonds had a market interest rate of The bonds pay interest semiannually on January and July Sage Hill Inc. has a December year end. At December the bonds are trading at Your answer is partially correct.
Round answers to decimal places, eg List all debit entries before credit entries.
Sage Hill investor
Date Account Titles
Debit
Credit
Dec.
Interest Receivable
Investments at Amortized Cost
Interest Revenue
Cheyenne investee
Date
Account Titles
Dec.
Interest Expense
Interest Payable
Debit
Credit
Dec
Answer & Explanation
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