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15 (Grades) On 1/1/2020, Blue Company issued 5 year, 8% bonds with a par value of $400,000. The company received $320,000 in cash interest is
15 (Grades) On 1/1/2020, Blue Company issued 5 year, 8% bonds with a par value of $400,000. The company received $320,000 in cash interest is pad semiannaly on 30 June and 31 December every year Required: (1) Prepare the journal entry to record the bonds' issuance on 1/1/2020 (2) Prepare the journal entry to record the interest payment and the amortization of bond discount or premium on 30/6/2020 (3) Prepare the journal entry to record the repayment of bonds on 31/12/2024
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