Return to exercise S7-7, the Prudential Bache (PB) inv
Question and Solution
Return to exercise S7-7, the Prudential Bache (PB) investment in CitiCorp bonds. Journalize the following on PB's book
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Return to exercise S7-7, the Prudential Bache (PB) investment in CitiCorp bonds. Journalize the following on PB's books: a. Purchase of the bond investment on January 2, 2017. PB expects to hold the investment to maturity. b. Receipt of annual cash interest on December 31, 2017 c. Amortization of the bonds on December 31, 2017 d. Collection of the investment's face value at the maturity date on January 2, 2022. (Assume the receipt of 2021 interest and the amortization of bonds for 2021 have already been recorded, so ignore these entries.)
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