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Prepare Pearl December adjusting entry

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Question - Pearl Corporation issued $580,000 of 9% bonds on November 1, 2017, for $619,414. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1. Pearl uses the effective-interest method with an effective rate of 8%.

Prepare Pearl's December 31, 2017, adjusting entry.

Reference no: EM132251192

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