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Prepare journal entries to record issuance of the bonds

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Question - Wildhorse Cleaners issued €700,000 of 11%, 20-year bonds on January 1, 2022, at 85.85 to yield 13%. Interest is payable semiannually on July 1 and January 1.

Prepare the journal entries to record the following.

(a) The issuance of the bonds.

(b) The payment of interest and the related amortization on July 1, 2022.

(c) The accrual of interest and the related amortization on December 31, 2022.

Reference no: EM132873059

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