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Prepared the necessary journal entries for january

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Question - On January 1, 2021, AA Co. issued bonds due in 10 years with a stated interest rate of 6% and a face value of $500,000 for $464,471. Interest payments are made semi-annually on July 1 and December 31. The market rate for this type of bond is 7%. AA Co. uses the effective interest method.

Required - Prepared the necessary journal entries for:

a. January 1, 2021

b. July 1, 2021

c. December 31, 2021

Reference no: EM133189985

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