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Summary Investments in bonds; accrued interest; sale; straight-line interest; financial statement

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Investments in bondsInvestments in bonds; accrued interest; sale; straight-line interest; financial statement effects ● LO14-2, Appendix A The following transactions relate to bond investments of Livermore Laboratories. The company's fiscal year ends on December 31. Livermore uses the straigh...

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  • October 6, 2024
  • 4
  • 2024/2025
  • Summary

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Investments in bonds; accrued interest; sale; straight-line interest; financial

statement effects ● LO14-2, Appendix A The following transactions relate to

bond investments of Livermore Laboratories. The company's fiscal year ends on

December 31. Livermore uses the straight-line method to determine interest.

2024 July1 Purchased $16 million of Bracecourt Corporation 10% debentures,

due in 20 years (June 30, 2044), for $15.7 million. Interest is payable on

January 1 and July 1 of each year. Oct. 1 Purchased $30 million of 12% Framm

Pharmaceuticals debentures, due May 31, 2034, for $31,160,000 plus accrued

interest. Interest is payable on June 1 and December 1 of each year. Dec.1

Received interest on the Framm bonds. 31 Accrued interest. 2025 Jan. 1

Received interest on the Bracecourt bonds. June 1 Received interest on the

Framm bonds. July 1 Received interest on the Bracecourt bonds. Sept.1 Sold

$15 million of the Framm bonds at 101 plus accrued interest. Dec. 1 Received

interest on the remaining Framm bonds. 31 Accrued interest. 2026 Jan. 1

Received interest on the Bracecourt bonds. Feb. 28 Sold the remainder of the

Framm bonds at 102 plus accrued interest. Dec. 31 Accrued interest. page 822

Required: Prepare the appropriate journal entries

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