Record the transactions for issuing the bonds

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Question - Cottrell needed to raise funds for an expansion planned in 2022. On July 1, Cottrell issued $700,000 in 10 year, 7% bonds. The bonds were priced to yield 8%. Semi-annual interest payments will be made on June 30 and December 31 year each. Record the transactions for issuing the bonds and the Dec. 31, 2021 interest payment.

Reference no: EM133148623

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