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Prepare all of the relevant journal entries from the time

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Question - Sunrise Corporation sells $600,000 of 12% bonds on June 1, 2021. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2026. The bonds yield 10%, selling for $638,780. On October 1, 2022, Sunrise Corporation buys back $300,000 worth of bonds for $315,000 (includes accrued interest).

Prepare all of the relevant journal entries from the time of sale June 1, 2021 until the date of repurchase October 1, 2022. Amortize premium or discount on interest rates and at year-end. (Include all workings and assume that reversing entries were made.)

Reference no: EM133145800

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