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Provide the journal entries for the transaction on December

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Reference no: EM132536747

Question - On December 1st 2018, in exchange for consulting services, ABC Corp received a $100,000 2 year, 10% bond receivable from their customer.

Interest is paid annually on November 31st. The market rate for a similar bond is 8%.

Required -

Provide the journal entries for the transaction on December 1st, 2018.

Provide the adjusting entries for December 31, 2018.

Reference no: EM132536747

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