Use the Following Information for Questions

question 69

Short Answer

Use the following information for questions
On January 1, 2022, Burkett Corporation purchased, as a long-term investment, a $25,000, 5% bond, for $21,595.At this time, the market rate of interest was approximately 7%.The bond pays interest on January 1 and July 1.On December 31, 2022, the fair value of the bonds was $23,950.
-What is the entry to record the purchase?

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Definitions:

Flexed

Bent or tensed, often referring to a muscle position.

Fibula

A long, thin bone located on the lateral side of the tibia in the lower leg, important for stabilizing the ankle and supporting muscles.

Ulna

A bone in the forearm that runs from the elbow to the smallest finger, and when in anatomical position, it is found on the medial side of the forearm.

Tibia

The shinbone or larger and stronger of the two bones in the lower leg, extending from the knee to the ankle.