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Give the entry to record the first interest payment

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Reference no: EM132937419

On July 1, 2020, GAAP Corporation sold (issued) $100,000 of its ten-year, 6% bonds payable at 98. The bonds were dated July 1, 2020, and interest is paid each June 30, and December 31.

Required:

Problem (a) Give the entry to record the sale of the bonds

Problem (b) Give the entry to record the first interest payment. Assume straight-line amortization.

Reference no: EM132937419

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