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Create the necessary journal entries to record the issue

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On January 1, 2014, Bernard Ltd. issues 500 5% bonds with a face value of $1 000. The bonds mature on December 31, 2023 and pay interest semi-annually.

Problem 1: Create the necessary journal entries to record the issue of the bonds for each of the following scenarios.

  • bonds sold at 100
  • bonds sold at 102 
  • bonds sold at 98.2

Problem 2: Record the bond interest expense on June 30, 2014 for each of the above scenarios.

Problem 3: Record the retirement of the Benjamin Ltd. bonds on December 31, 2023.

Reference no: EM132687724

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