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Prepare journal entry to record the redemption of the bonds

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Question - Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2017, at 103. Interest is payable annually on January 1. Adcock uses straight-line amortization for bond premium or discount.

Required -

Prepare the journal entry to record the issuance of the bonds.

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2017.

Prepare the journal entry to record the payment of interest on January 1, 2018.

Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

Reference no: EM132523863

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