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Construct the journal entry for the sale

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Old North sold $1,400,000 par value, 8%, 5 year bonds on October 1, 2018 when the market rate was 8%. The bonds were dated June 30, 2018. The bond sales price included accrued interest. Interest is paid semiannually on December 31 and June 30. Required:

Question a) Prepare the journal entry for the sale

Question b) Prepare the journal entry on December 31, 2018.

Reference no: EM132532406

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