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Prepare the journal entries to record payment of interest

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Question - Sandhill Company issued $648,000 of 10%, 20-year bonds on January 1, 2017, at 104. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the straight-line method of amortization for bond premium or discount.

Prepare the journal entries to record the following.

(a) The issuance of the bonds.

(b) The payment of interest and the related amortization on July 1, 2017.

(c) The accrual of interest and the related amortization on December 31, 2017.

Reference no: EM131866319

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