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Record the accrual of interest on february

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Question - On September 1, 2021, Sandhill Corporation issued $640,000 of 10-year, 3% bonds at 95. Interest is payable semi-annually on September 1 and March 1. Sandhill's fiscal year end is February 28.

Is the market rate of interest higher or lower than 3%?

Record the issue of the bonds on September 1, 2021.

Record the accrual of interest on February 28, 2022, assuming the semi-annual amortization amount for this interest period is $1,085.

Record the payment of interest on March 1, 2022.

Reference no: EM133127622

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