Vangaurd Co.purchased 80, 5% McLaughlin Company bonds for $80,000 cash.Interest is payable annually on January 1.The entry to record the purchase would include a debit to

Name: Vangaurd Co.purchased 80, 5% McLaughlin Company bonds for $80,000 cash.Interest is payable annually on January 1.The entry to record the purchase would include a debit to
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The purchase of bonds is recorded by debiting the Debt Investments account for the amount paid, which is $80,000 in this case.