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Prepare vaughn journal entries for the january issuance

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Question - The Vaughn Company issued $320,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value.

Required - Prepare Vaughn's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry.

Reference no: EM132524141

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