Suppose Hale and sons purchases 800,000$ of 5% annual bonds of Mcphee Corporation at face value on January 1, 2014. These bonds pay interest on June 30 and December 31 each year. They mature on December 31, 2018. Hale intends to hold the McPhee bond investment until maturity. 1) Journalize Hale and Sons transaction related to the bonds for 2014 and then 2) journalize the entry required on the McPhee bonds maturity date.
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Suppose Hale and sons purchases 800,000$ of 5% annual bonds of Mcphee Corporation at face value on J...
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