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On January 1 a company purchased 3 20 year corporate bonds
On January 1, a company purchased 3%, 20-year corporate bonds for $69,033,776 as an investment. The bonds have a face amount of $80 million and are priced to yield 4%. Interest is paid semiannually. Prepare the journal entry to record revenue at the effective interest rate on December 31, the second interest payment date.
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