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Prepare the journal entries related to the bond issue

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Question - On January 1 2014 Gumbo Corporation issued 600,000 9% 5-year bonds dated January 1 2014 at 104. The bonds pay interested semi-annually on January 1 and July 1. Gumbo Corporation has a December 31 year end.

Assume amortization of $1,700 and $2,100 respectively on the first two semi-annual interest periods. Prepare the journal entries related to the bond issue on the following dates:

January 1 2014

July 1 2014

December 31 2014

January 1 2015

Reference no: EM132411964

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