On January 1, 2021, RR purchased $100,000 of Apple Company bonds at a premium of $5,000. The bonds pay 7% interest but were purchased when the market interest rate was 6% for bonds of similar risk and maturity. The bonds pay interest semiannually on June 30 and December 31 of each year. RR accounts for the bonds as a trading security. On December 31, 2021, journal entry to record the second period of interest, RR would record a credit to interest revenue of
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On January 1, 2021, RR purchased $100,000 of Apple Company bonds at a premium of $5,000. The bonds p...
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