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1. (Entries for Bond Transactions-Straight-Line) Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2011, at 102. Interest is payable semiannually on July 1 and January 1. Foreman Company uses the straight-line method of amortization for bond premium or discount.
Prepare the journal entries to record the following.
(a) The issuance of the bonds.
(b) The payment of interest and the related amortization on July 1, 2011.
(c) The accrual of interest and the related amortization on December 31, 2011.
tuna company set the following standard unit costs for its single product. direct materials 25 ibs. 4 per ib. 100.00
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