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Hi need help answer the following questions thank you On February 1, 2021. Wolf Inc issued 10% bonds dated February 1, 2021, with a face
Hi need help answer the following questions thank you
On February 1, 2021. Wolf Inc issued 10% bonds dated February 1, 2021, with a face amount of $260,000. The bonds sold for $311,461 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31 Wolf's fiscal year is the calendar year Wolf uses the effective interest method of amortization Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2021 2. Prepare the entry to record interest on July 31, 2021. 3. Prepare the necessary journal entry on December 31, 2021 4. Prepare the necessary journal entry on January 31, 2022 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entry to record the bond issuance on February 1, 2021. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field.) View transaction list Journal entry worksheet Step by Step Solution
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