Laxco Corporation buys $430,000 of Smith Company's 8%, 5-year bonds payable, at ...
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Laxco Corporation buys $430,000 of Smith Company's 8%, 5-year bonds payable, at par value on September 1. Interest payments are made semiannually. Laxco plans and has the ability to hold the bonds for the 5-year life. The journal entry to record the purchase should include:
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