On January 1, 2023, Bridgeport Corp purchased at par 11% bonds with a maturity value of $302.000. They are dated January 1. 2023, and mature on January 1, 2028, with interest receivable on December 31 of each year. The bonds are accounted for using the amortized cost model (a) Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Jan. 1. 2023 Account Titles and Explanation Debit Credit
On January 1, 2023, Bridgeport Corp purchased at par 11% bonds with a maturity value of $302.000. They are dated January 1. 2023, and mature on January 1, 2028, with interest receivable on December 31 of each year. The bonds are accounted for using the amortized cost model (a) Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Jan. 1. 2023 Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2023, Bridgeport Corp purchased at par 11% bonds with a maturity value of $302.000. They are dated January 1,
2023, and mature on January 1, 2028, with interest receivable on December 31 of each year. The bonds are accounted for using the
amortized cost model
(a)
Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before
credit entry)
Date
Jan. 1.
2023
Account Titles and Explanation
Debit
Credit
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