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Bonds

This topic has 3 replies, 2 voices, and was last updated 1 year ago by John Moffat.

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May 16, 2023 at 12:36 pm #684451
Scarllee
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ABC Corporation acquires 50 Z Inc. 8%, 10-year, $1,000 bonds on January 1, 20X2, for $54,000, brokerage fees of $2,000. The Z, Inc. bonds pay interest semiannually on July 1 and January 1. ABC Corporation’s fiscal year ends on December 31. The entry to record the investment is?
p.s: Could you help me explain why we need record like that?
May 16, 2023 at 5:30 pm #684465
John Moffat
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This is not a Paper FA question. Where did you find it?
May 17, 2023 at 8:35 am #684492
Scarllee
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this is in my school question bank, I’m preparing for my final exam.
May 17, 2023 at 4:00 pm #684513
John Moffat
Keymaster
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Sorry, but this forum is to give help to students sitting the ACCA Paper FA exam, and this question could not be asked in that exam.
Surely you have an answer in the question bank (and presumably you were taught what do do here at school)?
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