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Prepare the journal entries to record each bond transaction

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Reference no: EM132766851

Question - Sandhill Company has issued three different bonds during 2020. Interest is payable annually on each of these bonds.

1. On January 1, 2020, 1,600, 6%, 5-year, $1,000 bonds dated January 1, 2020, were issued at face value.

2. On July 1, $800,000, 7%, 5-year bonds dated July 1, 2020, were issued at 101.

3. On September 1, $275,000, 5%, 5-year bonds dated September 1, 2020, were issued at 98.

Required - Prepare the journal entries to record each bond transaction at the date of issuance.

Reference no: EM132766851

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