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Journalize the entry to record issuance of bonds on april

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Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $7,800,000 of 6-year, 6% bonds at a market (effective) interest rate of 5%, receiving cash of $8,200,052. Interest is payable semiannually on April 1 and October 1.

Problem a. Journalize the entry to record the issuance of bonds on April 1, 20Y1.

Reference no: EM132662761

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