Prepare journal entry for issuance of bonds

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Reference no: EM1376154

On 1st May, 2013, Green Corporation issues $1,000,000 of 12% bonds, dated 1st January, 2013, for $975,000 plus accrued interest. The bonds mature on 31st December, 2027, and pay interest semiannually on June 30 and December 31. Green's fiscal year ends on 31st December each year.

1. Evaluate the amount of accrued interest that was included in the proceeds received from the bond sale. Show calculations
2. Prepare journal entry for issuance of the bonds.

Reference no: EM1376154

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