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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 12-1

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TIP: In this entry, the credit to Interest Receivable is made under the assumption that reversing entries are not used by the investor.

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TIP: Accounting and reporting of debt investments acquired at a premium or discount is not covered in this text. Also, the accounting and valuation issues related to held-for-collection securities are discussed in more advanced accounting courses.

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