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Find and record payment of interest and redemption of bonds

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On May 1, 2020, Blossom Corp. issued $ 650,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31. Assume that on January 1, 2022, Blossom pays the accrual bond interest and calls the bonds. The call price is 102.

Problem 1: Record the payment of interest and redemption of the bonds.

Reference no: EM132996016

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