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Make Flounder December adjusting entry

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Question - Flounder Corporation issued $680,000 of 9% bonds on November 1, 2020, for $719,619. The bonds were dated November 1, 2020, and mature in 8 years, with interest payable each May 1 and November 1. Flounder uses the effective-interest method with an effective rate of 8%.

Required - Make Flounder's December 31, 2020, adjusting entry.

Reference no: EM132642542

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