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Complete the following workout problems with journal entries, showing your work for full credit. Present value tables are available in your textbook, but may also
Complete the following workout problems with journal entries, showing your work for full credit. Present value tables are available in your textbook, but may also be found easily online. Financial calculators are permitted, however, you must list the inputs you used in your calculation for full credit. 1. (16 points) On January 1, 2008, Miller Corporation issued $1,000,000, 10% bonds. The 5-year bonds will mature on December 31, 2012. Interest on the bonds is payable semiannually on June 30" and December 31st of each year. The market rate on the date of issuance was 6%. On July 1, 2009, Miller retired 50% of the bonds by paying the current market price of 92. Recall and brokerage expenses related to the retirement totaled $4,000. Prepare all bond-related journal entries for the years 2008 and 2009
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