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Berj Corporation issued bonds and received cash in full for the issue price. The bonds were dated and issued on January 1 , year 1.
Berj Corporation issued bonds and received cash in full for the issue price. The bonds were dated and issued on January 1 , year 1. Interest is payable at the end of each year. The bonds mature at the end of four years. The following schedule has been partially completed (amounts in thousands): Required: 1. Prepare the journal entry to record the issuance of the bond, without a premium account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars.) Journal entry worksheet Note: Enter debits betore credits. 2. Prepare the journal entry to record the payment of interest at December 31, year 2. Use the effective-interest method. Assume that Berj Corporation doesn't use premium account. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars.) Journal entry worksheet Record payment of bond interest. Note: Enter debits before credits
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