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Prepare the journal entry to record the issuance of bonds

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Reference no: EM132814167

On May 1, 2020, Carla Vista Corp. issued $600,000, %9, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31.

Problem 1: prepare the journal entry to record the issuance of bonds

Problem 2: record the actual interest on 31/12/20

Problem 3: journalize the payment of interest on 1/5/21

Problem 4: Assume Al majed enterprise will issue bond al a premium of 20% show journal entry

Problem 5: Assume Al majed Enterprise wil lissue the bond at discount of 7% show journal entry

Reference no: EM132814167

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