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Prepare the journal entry on july

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On January 2, 2014, Pannabaker Corporation issued $400,000, five-year, 10% bonds when the market rate of interest was 12%. The bonds pay interest semi-annually on July 31 and December 31. Pannabaker Corporation uses the effective-interest method of amortization and has a year-end of December 31.

Question a) Prepare the journal entry on January 2, 2014, to issue the bonds.

Question b) Prepare the journal entry on July 31, 2014, to record the first annual interest payment and the amortization of the premium or discount.

Reference no: EM132568041

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