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Prepare journal entries to record the interest payment

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Question - On July 1 of the current year, $600,000 of 15-year, 12% bonds, with interest payable semiannually on June 30 and December 31, were sold at market rate of 11%. Prepare journal entries to record the following instructions for the current fiscal year:

  • Issuance of the bonds.
  • First semiannual interest payment.
  • Amortization of the bond using the straight-line method of amortization.

Reference no: EM132179708

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