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On 1/1/2012 ABC company purchased $1,000,000 of 8%, 5 year XYZ Co. bonds. On the open Marcket the XYZ bonds sell for $980,000. Bonds were dated and were issued by XYZ Co. on January 2010. The bonds pay interest on Jan 1st and July 1st. The effective interest method is used.

Requirements:
Make any necessary entries for XYZ Co. as of 2012.

 

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