Question: Need Help With a HW question INITIAL INVESTMENT Purchased $200,000 of Graham Corporation debt for $200,000.This investment was generally considered to be long-term with no

Need Help With a HW question INITIAL INVESTMENT Purchased $200,000 of

Need Help With a HW question

INITIAL INVESTMENT

Purchased $200,000 of Graham Corporation debt for $200,000.This investment was generally considered to be long-term with no particular plans for near-term trading, although it is unlikely Bitnec will hold the investment until maturity.

DIVIDENDS/INTEREST

Graham Corporation paid interest on outstanding debt, including $10,000 to Bitnec.

NET INCOME

Graham Corporation reported net income of $7,000,000 for the year.

YEAR END VALUES

Prepare journal entry to account for the initial investment, interest and year-end debt value for the investment in Graham Corporation securities.

Graham Corporation debt for $200,000.This investment was generally considered to be long-term

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