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On January 1, Waverly Company Purchased as an Investment a $1,000

Question 54

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On January 1, Waverly Company purchased as an investment a $1,000, 7% bond for $1,000. The bond pays interest on January 1. What is the entry to record the interest accrual on December 31? On January 1, Waverly Company purchased as an investment a $1,000, 7% bond for $1,000. The bond pays interest on January 1. What is the entry to record the interest accrual on December 31?

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