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Fredericton Aerospace Inc. raised $4,669,210 by selling $5,000,000 of six-year, 12% bonds dated January 1, 2019. Interest is payable on June 30 and December 31 each year. Fredericton can call the bonds on January 1, 2022 at 103. The company exercises this privilege, redeeming 40% of the bonds on the call date and retiring them. The company year ends on December 31. Fredericton Aerospace uses effective interest method. Required:
Problem a. The issuance of the bonds on January 1, 2019.
Problem b. Prepare entry for the payment of interest and related amortization on December 31, 2021.
Problem c. Repurchase of the bonds on January 1, 2022.
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