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Prepare the journal entry to record the issuance of bonds

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Reference no: EM131641991

Question - On January 1, 2017, Klosterman Company issued $458,500, 11%, 10-year bonds at face value. Interest is payable annually on January 1.

(a) Prepare the journal entry to record the issuance of the bonds.

(b) Prepare the journal entry to record the accrual of interest on December 31, 2017.

(c) Prepare the journal entry to record the payment of interest on January 1, 2018.

Reference no: EM131641991

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