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Prepare the journal entries to record the issuance of bonds

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Question - Pharoah Company sold $3,260,000, 9%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.

Required - Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 102 and (2) 95.

Reference no: EM133137335

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