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Prepare the journal entry to record the issuance of bonds

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Question - Cullumber Company issued $620,000, 11%, 10-year bonds on December 31, 2019, for $550,000. Interest is payable annually on December 31. Cullumber Company uses the straight-line method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds.

Reference no: EM132768296

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