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Prepare the journal entry to record the issuance of the bond

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Reference no: EM132908694

Sheffield Inc. issued $3,850,000 par value, 7% convertible bonds at 99 for cash. If the bonds had not included the conversion feature, they would have sold for 95.

Problem 1: Prepare the journal entry to record the issuance of the bonds.

Reference no: EM132908694

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