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Germ Co. issued $600,000, 6%, 5-year bonds to yield 8% on March 1, Year 1. Interest is paid on August 31 and February 28th. The
Germ Co. issued $600,000, 6%, 5-year bonds to yield 8% on March 1, Year 1. Interest is paid on August 31 and February 28th. The proceeds from the bonds are $551,332. Germ's year end is 12/31
Using effective-interest amortization, record the necessary journal entries on 12/31/yr 1 and 2/28/yr 2 assuming they do NOT use adjusting entries.?
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