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Ike issues $150,000 of 11%, three-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at
Ike issues $150,000 of 11%, three-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $153,805 when the market rate is 10%.
Required: 1. Prepare the January 1 journal entry to record the bonds' issuance.
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