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Prepare the company journal entries for the January

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Question - On January 1, 2017, Teal Corporation issued $640,000 of 9% bonds, due in 8 years. The bonds were issued for $605,318, and pay interest each July 1 and January 1. Teal uses the effective-interest method.

Required - Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%.

Reference no: EM132524147

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