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4.Prepare journal entries for the following: The 10%, $300,000 40-year bonds were dated and issued on January 2, 2003. Interest was payable on June 30

4.Prepare journal entries for the following:

The 10%, $300,000 40-year bonds were dated and issued on January 2, 2003. Interest was payable on June 30 and December 31. They were sold originally at 97. These bonds were retired at 101 plus accrued interest on May 31, 2016. The company uses straight-line amortization for bond interest.

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