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Prepare Bonita December adjusting entry

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Reference no: EM132868562

Question - Bonita Corporation issued $670,000 of 9% bonds on November 1, 2020, for $715,529. The bonds were dated November 1, 2020, and mature in 10 years, with interest payable each May 1 and November 1. Bonita uses the effective-interest method with an effective rate of 8%. Prepare Bonita's December 31, 2020, adjusting entry.

Reference no: EM132868562

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