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Prepare the first-year journal entries for the bond issue

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Question - Coronado Inc. issued $80,000, 5-year bond on January 1, 2021 paying 5% interest on a semi-annual basis every January 1 and July 1.

Required - Prepare the first-year journal entries for the bond issue and interest expense assuming that the company uses the effective interest method, a market interest rate of 4% and has a year-end of December 31, 2021?

Reference no: EM132849774

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