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Prepare company journal entries for the january issuance

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Question - On January 1, 2020, Sunland Corporation issued $460,000 of 7% bonds, due in 10 years. The bonds were issued for $428,743, and pay interest each July 1 and January 1. Sunland uses the effective-interest method.

Required - Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%.

Reference no: EM132642539

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