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10 points On January 1, 2020, Oakbasket Company issued bonds with a term of 20 years and face value of $500,000. The bonds carry a

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10 points On January 1, 2020, Oakbasket Company issued bonds with a term of 20 years and face value of $500,000. The bonds carry a stated interest of 5% payable each January 1. (a) Prepare the journal entry for the issuance assuming the bonds are issued at 98 (b) Prepare the adjusting entry to accrue the bonds interest on December 31, 2020, (c) Prepare the journal entry for the bonds interest payment on January 1, 2021 For the toolbar, press ALT+F10 (PC) or ALT FN F10 (Mac)

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