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?
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Bonds
3y ago#1This is not a Paper FA question. Where did you find it?
this is in my school question bank, I'm preparing for my final exam.
3y ago#3Sorry, 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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