Business, 07.04.2020 03:02 jeanieb

Tanner-UNF Corporation acquired as a long-term investment $240million of 6% bonds, dated July 1, on July 1, 2018. The marketinterest rate (yield) was 8% for bonds of similar risk and maturity. Tanner-UNF paid $200 million for the bonds. The company willreceive interest semiannually on June 30 and December 31. Companymanagement is holding the bonds in its trading portfolio. As a result ofchanging market conditions, the fair value of the bonds at December31, 2018 was $210 million. Part 1: Prepare the journal entry to record Tanner-UNFâs investment inthe bonds on July 1, 2018.Investment in Bonds 240.0Discount on Bond Investment 40.0Cash 200.0

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Tanner-UNF Corporation acquired as a long-term investment $240million of 6% bonds, dated July 1, on...

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