On january 1, 2017, larkspur company purchased $270,000, 6% bonds of aguirre co. for $248,099. the bonds were purchased to yield 8% interest. interest is payable semiannually on july 1 and january 1. the bonds mature on january 1, 2022. larkspur company uses the effective-interest method to amortize discount or premium. on january 1, 2019, larkspur company sold the bonds for $249,638 after receiving interest to meet its liquidity needs. collapse question part (a) prepare the journal entry to record the purchase of bonds on january 1. assume that the bonds are classified as available-for-sale.
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On january 1, 2017, larkspur company purchased $270,000, 6% bonds of aguirre co. for $248,099. the b...
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