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Prepare the journal entry to record the issuance of bonds

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Reference no: EM132780472

Question - On January 1, 2020, Ivanhoe Company issued $445,000, 14%, 10-year bonds at face value. Interest is payable annually on January 1.

Required -

Prepare the journal entry to record the issuance of the bonds.

Prepare the journal entry to record the accrual of interest on December 31, 2020.

Reference no: EM132780472

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