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Question - A company issued 10%, 3-year bonds with a par value of $2,000,000, on January 1. Interest is to be paid semiannually each June 30 and December 31. The bonds were sold to yield the buyers an 8% annual return. The company uses the effective interest method of amortization. (Please refer to the present value table attached)
Required -
1) Prepare the journal entry to record the issuance of the bonds on January 1, year 1.
2) Prepare an amortization table for the semiannual payment periods.
3) Prepare the journal entry to record the first semiannual interest payment.
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