Business, 13.05.2021 22:20, willasiacochran

On January 1, 2021, for $18.9 million, Summer Company purchased 10% bonds, dated January 1, 2021, with a face amount of $20.9 million. For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. The journal entry to record interest on June 30, 2021 would include:

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On January 1, 2021, for $18.9 million, Summer Company purchased 10% bonds, dated January 1, 2021, wi...