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On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on January 1. Crane Company has a calendar year end. The entry for the receipt of interest on January 1, 2021 is Cash 122 Interest Revenue 122 Cash 111 Interest Revenue 111 Cash 111 Interest Receivable 111 Cash 56 Interest Revenue 56

On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on January 1. Crane Company has a calendar year end. The entry for the receipt of interest on January 1, 2021 is Cash 122 Interest Revenue 122 Cash 111 Interest Revenue 111 Cash 111 Interest Receivable 111 Cash 56 Interest Revenue 56

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on January 1. Crane Company has a calendar year end. The entry for the receipt of interest on January 1, 2021 is Cash 122 Interest Revenue 122 Cash 111 Interest Revenue 111 Cash 111 Interest Receivable 111 Cash 56 Interest Revenue 56
Transcribed Image Text:On January 1, 2020, Crane Company purchased at face value, a $1110, 10% bond that pays interest on January 1. Crane Company has a calendar year end. The entry for the receipt of interest on January 1, 2021 is Cash 122 Interest Revenue 122 Cash 111 Interest Revenue 111 Cash 111 Interest Receivable 111 Cash 56 Interest Revenue 56
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