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1. B Corp issues $1,000,000 of 6%, 20-Yr bonds. Interest payment dates were DEC 31 and JULY 1. Market rate = 6%. Prepare journal entries

1. B Corp issues $1,000,000 of 6%, 20-Yr bonds. Interest payment dates were DEC 31 and JULY 1. Market rate = 6%. Prepare journal entries for the issuer. FISCAL YEAR ENDS ON DEC. 31.

Use the effective interest method.

a. Sale on Jan. 1 for 100

b. July 1 entry

c. DEC 31 ENTRY

d. July 1 entry

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