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Current Attempt in Progress Bridgeport Company issued $700,000, 9%, 10-year bonds on January 1, 2020, at 102. Interest is payable annually. Bridgeport uses the effective-interest
Current Attempt in Progress Bridgeport Company issued $700,000, 9%, 10-year bonds on January 1, 2020, at 102. Interest is payable annually. Bridgeport uses the effective-interest method of amortization and has a calendar year-end. Assume the bonds were issued for an effective interest rate of 7%. Prepare all journal entries made in 2020 related to the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2020 Account Titles and Explanation Debit Credit Current Attempt in Progress Bridgeport Company issued $700,000, 9%, 10-year bonds on January 1, 2020, at 102. Interest is payable annually. Bridgeport uses the effective-interest method of amortization and has a calendar year-end. Assume the bonds were issued for an effective interest rate of 7%. Prepare all journal entries made in 2020 related to the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2020 Account Titles and Explanation Debit Credit
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