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Prepare the necessary journal entry for each of the january

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Reference no: EM132962166

Rock Company issued a $1,000,000 bond on January 1, 2010. The bond was dated January 1, 2010, had an 8% stated rate, pays interest annually on December 31, and sold for $924,184 at a time when the market rate of interest was 10%. Rock uses the effective-interest method to account for its bonds.

Problem 1: Prepare the necessary journal entry for each of the following dates (assuming that no adjusting journal entries have been made during the year):

January 1, 2010
December 31, 2010
December 31, 2011

Reference no: EM132962166

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