Use the Following Information for Questions

question 104

Short Answer

Use the following information for questions
On January 1, 2021, Marianne Corp.purchased $50,000, of Robin Ltd.'s 4%, 10-year bonds for $48,000, since the market interest rate was approximately 4.5%.The bonds pay interest on January 1 and July 1.Marianne has a calendar year end, and classified the bonds as long-term investments.The fair value on December 31, 2021 was $48,500.Marianne sold the bonds on January 2, 2022 for $48,500.
-The entry for the receipt of interest on July 1, 2021 is

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Definitions:

Mnemonic Device

A memory aid or strategy that makes information easier to remember.

Proactive Interference

The tendency for older or previously learned material to impede the recall of newer material.

Serial Reproduction

A method of studying memory where information is passed and reproduced through a chain of individuals.

Recency Effect

The phenomenon where people tend to remember the last items in a series best, often observed in studies of memory and information recall.