Prepare journal entries to record the issue of the bonds

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Reference no: EM13914073

O'Brien, Inc., is authorized to issue $3,600,000 in bonds on June 1. The bonds carry a face interest rate of 9 percent, which is to be paid on June 1 and December 1. Prepare journal entries to record the issue of the bonds by O'Brien under the assumptions that (a) the bonds are issued on September 1 at 100 and (b) the bonds are issued on June 1 at 105.

Reference no: EM13914073

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