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Prepare the company journal entry for the january issuance

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Reference no: EM132764364

On January 1, 2020, Pina Colada Corporation issued $801,000 of 5% bonds that are due in 11 years. The bonds were issued for $580,173 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 9%.

Problem (a) Prepare the company's journal entry for the January 1 issuance.

Reference no: EM132764364

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