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QUESTION
Landmark Corp. buys $410,000 of Schroeter Company's 8% five-year bonds payable at par value on September 1.
Landmark Corp. buys $410,000 of Schroeter Company's 8% five-year bonds payable at par value on September 1.
Interest payments are made semiannually. Landmark plans to hold the bonds for the five year life. The journal entry to record the purchase should include:
A debit to Long-Term Investments-AFS $410,000.
A debit to Short-Term Investments-Trading $410,000.
A debit to Long-Term Investments-HTM $410,000.
A debit to Short-Term Investments-AFS $410,000.
A debit to Cash $410,000.
