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The Gorman Group issued $900,000 of 11% bonds on June 30, 2021, for $977,220. The bonds were dated on June 30 and mature on June 30, 2041 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30.
Problem 1: Prepare the journal entries to record their issuance by the Gorman Group on June 30, 2021, interest on December 31, 2021, and interest on June 30, 2022 (effective rate).
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some say that bernard l. madoff is the biggest financial fraud in history. the new york times gives us some background
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