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What is the journal entry to record the issuance of bonds

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Question - 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.

What is the journal entry to record the issuance of the bonds?

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

Reference no: EM132840823

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