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Question - Benson Industries issue $2,000,000 of 8%, 5 year, debentures on May 1, 2021. Similar bonds yield 10% interest. The bonds pay interest semiannually on May 1 and November Benson uses the effective interest method of amortizing discounts and premiums.
a. Prepare the journal entry to record the issue of the bonds on May 1, 2021.
b. Prepare the journal entry to record the first payment of interest on November 1, 2021.
c. Prepare the journal entry to record the adjusting entry, if any, at December 31, 2021.
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petrenko corporation has outstanding 2240 1000 bonds each convertible into 50 shares of 14 par value common stock. the
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