Prepare journal entries for the issurance of bonds

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Reference no: EM131883211

Fleming Corporation issued 9% contract 5 year bonds at 96.209. Face value $900,000. The bonds pay interest annually on 12/31. The effective interest rate when bonds were issued was 10%.

Prepare an amortization schedule. Prepare journal entries for the issurance of bonds and first year interest payment.

Reference no: EM131883211

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