Concord Company purchased, on January 1, 2017, as a held-to-maturity i


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Concord Company purchased, on January 1, 2017, as a held-to-maturity investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return. Prepare Concord's journal entries for (a) the purchase of the investment,

Sale price $15.00 Regular price $30.00

Concord Company purchased, on January 1, 2017, as a held-to-maturity
investment, $68,000 of the 10%, 5-year bonds of Chester Corporation for $63,098, which provides an 12% return.

Prepare Concord's journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used.

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