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3. Shelby Co issued $500,000, 10%, 10 year bonds on January 1 2019, at 103. Interest is payable annually on January 1. Shelby Co. use

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3. Shelby Co issued $500,000, 10%, 10 year bonds on January 1 2019, at 103. Interest is payable annually on January 1. Shelby Co. use straight line amortization for bond premium or discount. REQUIRED: Prepare the journal entries to record the following. (a) The issuance of the bonds (b) The accrual of interest and the premium amortization on December 31, 2019. (c) The payment of interest on January 1, 2020

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