Essay
As a held-to-maturity investment, Jones Company purchased a $1,000, 7% bond of Company Y on January 1, 20X1. The interest is paid each December 31 and the bonds mature in five years from the acquisition date. Give the journal entry to record the acquisition of the bond under each of the following three assumptions. The bond sold at par The bond sold at 103: The bond sold at 97:
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