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Record the entry when the bonds are issued

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Question - On December 31, 20X1, Loon Company issues $2,000,000 face value, 5%, 5-year bonds. Interest is paid semiannually each June 30 & December 31. The bonds sell at a price of 101; Loon uses the straight-line method of amortizing bond discount/premium. Record the entry when the bonds are issued.

Reference no: EM133094428

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