Journal entries to record issuance of bonds

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Reference no: EM1355811

On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:

a) Issuance of the bonds

b) First semiannual interest payment

c) Amoritization of bond discount for the year, using the straight-line method of amortization.

Reference no: EM1355811

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