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Question: Arthur Corp. issued $2,500,000 of 10-year, 9% callable bonds on January 1, 2012, with interest payable on June 30 and December 31. The market rate of interest on that date was 8%. The company used the effective interest method to write off any unamortized bond discount or premium. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 2012 Jan. 1 Issued the bonds for cash at 102. June 30. Paid semi-annual interest. Dec. 31 Paid the semi-annual interest on the bonds. 2020 Dec 31 Called the bonds at 103. The unamortized bond premium on that date was $80,000

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Reference no: EM133378585

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