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Record journal entry for the issuance of the bond payable

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Question - Alpine Inc. issues a $100,000 bond bearing interest at 10% for 106. At the time of issue the market interest rate was 6%. The bond was issued on September 1, 2020 and Alpine's year end is December 31. Interest is paid on September 1 and March 1 or each year. The bond will mature on September 1, 2024. Use the straight line method of amortization if needed. Round all amounts to the nearest dollar, no descriptions are needed.

Record journal entry for the issuance of the bond payable.

Record any December 31, 2020 year end entries if needed.

Record all entries needed with the March 1, 2021 interest payment.

Reference no: EM133088353

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