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Prepare the adjusting entry for interest on october

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Reference no: EM132999051

Ivanhoe Inc. issues $ 752,000 of 5-year, 6% bonds on January 1, 2021. The bonds pay interest annually.

Problem 1: Calculate the issue price of the bonds using a market rate of 5%.

Problem 2: Record the bond issue.

Problem 3: Prepare the journal entries to record the first three interest payments. Ignore any year-end accruals of interest.

Problem 4: Assuming Ivanhoe has an October 31 year-end, prepare the adjusting entry for interest on October 31, 2021.

Reference no: EM132999051

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