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Intermediate Accounting Chapter 14 RE. 14-05 Bond Issue. On January 1, 2016, North Company issued $2,000,000 of bonds with a stated rate of 10% that

Intermediate Accounting Chapter 14 RE. 14-05 Bond Issue.

On January 1, 2016, North Company issued $2,000,000 of bonds with a stated rate of 10% that are due to mature December 31, 2025, and pay interest semiannually. The market rate of interest was 9% at the date of issuance. Required: Prepare the journal entry for the sale of the bonds on January 1, 2016.

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