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Prepare the journal entry to record the issuance

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Problem - On January 1, 2014, Lock Corporation issued $1,878,000 face value, 6%, 10- year bonds at $1,625,969. This price resulted in an effective-interest rate of 8% on the bonds. Lock uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.

Required - Prepare the journal entry to record the issuance of the bonds on January 1, 2014.

Reference no: EM131598772

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