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Give the adjusting entry that would be made by Cort

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Question - Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation issued bonds with a face value of $270,000 at a price of 101.6. The bonds mature 10 years from the date of issue. Interest is payable semiannually on October 1 and April 1. Using the data given above, give the adjusting entry that would be made by Cort Inc. on December 31, 2019, to record accrued interest and to amortize the premium.

Reference no: EM132486981

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