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Prepare the journal entry to record issuing the bonds

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Reference no: EM133070351

Question - Carr Corporation issued $68,000 of 6 percent, 9-year bonds on January 1, Year 1, for a price that reflected a 7 percent market rate of interest. Interest is payable annually on December 31.

Required -

a. What was the selling price of the bonds?

b. Prepare the journal entry to record issuing the bonds.

Reference no: EM133070351

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