Prepare the journal entry to record the issuance

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Reference no: EM133017331

Question: Cullumber Company issued $1,840,000 of bonds on January 1, 2020.

a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105.

b) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100.

c) Prepare the journal entry to record the redemption of the bonds before maturity at 98. Assume the balance in Premium on Bonds Payable is $9,500.

Reference no: EM133017331

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