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Prepare the company journal entry for the july interest

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Reference no: EM132660084

The City of Pearl issued 200 bonds at their face value of $7,000 each plus accrued interest on June 1, 2020. The term of the bonds was January 1, 2020, to January 1, 2026, with interest payable semi-annually each January 1 and July 1 at 6%. Pearl uses the effective interest method.

Question 1: Prepare the company's journal entry for the date of issuance.

Question 2: Prepare the company's journal entry for the July 1 interest payment

Question 3: Prepare the company's December 31 adjusting entry.

Reference no: EM132660084

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