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The Farmery issued $3,000,000 par value, 8%, 5-year bonds on January 1, 2018. Interest is to be paid semiannually on June 30 and December 31. The bonds were sold for $3,255,906.. when the market rate was 6%. The company uses the effective interest method for amortization.
Required:
Question a) Prepare the journal entries to record the issuance of the bonds and the first and second interest payment.
Question b) Show how the bonds would be reported on the balance sheet for December 31, 2018.
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