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2. 20 marks A company issued $250,000 of 8%, 15-year bonds at 105 on July 1, 2007. Interest is payable semi- annually on December 31

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2. 20 marks A company issued $250,000 of 8%, 15-year bonds at 105 on July 1, 2007. Interest is payable semi- annually on December 31 and June 30. Through June 30, 2014, company amortized $5,186 of the bond premium. July 1, 2014, company retired the bond at 98. Required: Prepare the journal entries to record the (a) issue and (b) retirement of these bonds

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