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Prepare the entries to record the issuance of the bonds

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Problem - On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at 101. Interest is payable annually on January 1. Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses straight-line amortization.

Reference no: EM133032750

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