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Prepare journal entries to record the payment of interest

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Question - On June 30, 2016, ABC Company issued $10,000,000 face value of 13%, 20-year bonds to yield a 12%. ABC uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.

Required - Prepare journal entries to record the payment of interest and the amortization of the premium or discount on June 30, 2018.

Reference no: EM132536769

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