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Record the issuance of the secured bonds

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Reference no: EM133001442

Question - They have formulated a plan to issue secured term bonds to raise the needed €600,000 for the pool facilities. By the end of December 2020, everything was in place for the bond issue to go ahead. On January 1, 2021, the €600,000 face value of bonds were issued for €548,000. The bonds pay annual interest of 6% on January 1 of each year. The bonds mature in 10 years, and amortization is computed using the straight-line method.

Record (1) the issuance of the secured bonds, (2) the adjusting entry required on December 31, 2021, (3) the interest payment made on January 1, 2022, and (4) the interest accrual on December 31, 2022.

Reference no: EM133001442

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