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3) Festive Company authorized $450,000 of 5-year bonds dated January 1, 2021. The states interest was 7%, payable each December 31. The bonds were issued

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3) Festive Company authorized $450,000 of 5-year bonds dated January 1, 2021. The states interest was 7%, payable each December 31. The bonds were issued on January 1, 2021, we market interest rate was 6%. Assume effective interest amortization. Round to the nearest dola al abilities harehol Accoun Morts Cog Required (16 marks): a) Prepare the journal entry to record the issue of the bonds on January 1, 2021. b) Prepare a bond amortization table for the life of the bond. c) Prepare the journal entry required on December 31, 2021

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