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Prepare the journal entry to issue the bonds

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Question - On 1 January 2020, Orange Ltd issued 10 years bond with a total face value of $500,000 and which pays interest at 10% annually in arrears. The market interest rate was 8%. Prepare the journal entry to issue the bonds at 1 January 2020 and the entry at Dec 31, 2020?

Reference no: EM132996706

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