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What is the journal entry to record the issuance of bonds

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On January 1, 2018, Sage Corporation issued $560,000 of 7% bonds due on January 1, 2026 when the market rate was 5%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annual interest on June 30 and December 31 of every year.

Problem 1: What is the journal entry to record the issuance of the bonds?

Problem 2: Prepare all journal entries that will be recorded by Sage Corporation for the 2021 year.

Reference no: EM132825536

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