Hogan company issued 500000 8 10-year bonds on january 1

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Hogan Company issued $500,000, 8%, 10-year bonds on January 1, 2007, at 96 1/2. Interest is payable annually on January 1. Hogan uses the straight-line method of amortization and has a calendar year end.

Prepare the necessary journal entries for January 1 and December 31, 2007.

Reference no: EM13453793

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