I need help in making the journal entries for 3 transactions (#F, #I, #N) below from a case assigned by my prof. Can someone help me?

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I need help in making the journal entries for 3 transactions (#F, #I, #N) below from a case assigned by my prof. Can someone help me?Begin : July 1, 2017End : June 30, 2018F.   On July 1, 2017, our company bought $150,000 (in cash) ABC Company 4% bonds at face (par) value. ABC Company's bonds pay interest semi-annually every January 1st and July 1st. We intend to hold ABC Company's bonds as Available-for-Sale Securities. I.     On April 1, 2017, our company bought a building that cost $400,000. The expected life for the new building is 20 years with no salvage value. We used a straight line method to depreciate the building. We paid 35% in cash and issued a 4% 5-year note payable for the rest. The note requires annual interest payments. N.  During June 2018, our company paid $10,000 to acquire our own shares and the shares are classified as Treasury Shares.

Question

I need help in making the journal entries for 3 transactions (#F, #I, #N) below from a case assigned by my prof. Can someone help me?

  • Written in: 17-Oct-2019
  • Paper ID: 5948305
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Oct 17, 2019

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