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Waldo Corporation had the following transactions pertaining to debt investments Jan 1 Purchased 30, $1,000 Hillary Co 10% bonds for $30000 plus brokerage fees of $900 Interest is payable

Waldo Corporation had the following transactions pertaining to debt investments.

Jan. 1 Purchased 30, $1,000 Hillary Co. 10% bonds for $30,000, plus brokerage fees of $900.

Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Hillary Co. bonds.

July 1 Sold 15 Hillary Co. bonds for $15,000, less $400 brokerage fees.

(a) Journalize the transactions, and (b) prepare the adjusting entry for the accrual of interest on December 31

Jun 18 2020 View more View Less

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