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Prepare a JOURNAL ENTRY for this transaction: On January 1, 2025, Fishbone Corporation purchased 300...

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Accounting

Prepare a JOURNAL ENTRY for this transaction: On January 1, 2025, Fishbone Corporation purchased 300 of the $1,000 face value, 9%,10-year bonds of Walters Inc. The bonds mature on January 1, 2035, and pay interest annually beginning January 1,2026 . Fishbone purchased the bonds to yield 11%. How much did Fishbone pay for the bonds?

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