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On March 1, 2011, Navy Corporation used excess cash to purchaseU.S. Treasury bonds for $103,000 plus accrued interest. Theappropriate interest rate is 6%. Interest on these bonds is payableon January

On March 1, 2011, Navy Corporation used excess cash to purchaseU.S. Treasury bonds for $103,000 plus accrued interest. Theappropriate interest rate is 6%. Interest on these bonds is payableon January 1 and July 1 of each year. Navy's investment isaccounted for as held to maturity . The fair value of the Treasurybonds is $104,000 at year end.

REQUIRED: Prepare the appropriate journal entries to record thetransactions for the year, including any year-end adjustments. Showcalculations, rounded to the nearest dollar.

May 22 2021 View more View Less

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