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Prepare the journal entry to record the bond payable

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Question - On January 1, 2013, a company issued and sold an $900,000, 6%, five-year bond payable and received proceeds of $950,000. Interest is payable each June 30 and December 31. The company uses the straight line method to amortize the premium. Prepare the journal entry to record the bond payable and the journal entry to record the first interest payment.

Reference no: EM131960247

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