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Prepare the journal entry for the issuance of the bonds

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Question - Intel Inc. is the pioneer in the manufacture of microprocessor for computers. The company's fiscal year runs from April 1 to March 31. On 4/1/2015, Intel Issued $5,000,000 of 11% Bonds due in 10 years. The interest is payable annually on April 1. The market rate of interest on that date for bonds of similar risk is 10%.

Prepare the journal entry for the issuance of the bonds and on the first interest payment date.

Reference no: EM132001216

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