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Irie Company paid $600,000 for 1-year, 10% bonds with a par value of $600,000 on January 1. The bonds pay 5% interest semiannually on June
Irie Company paid $600,000 for 1-year, 10% bonds with a par value of $600,000 on January 1. The bonds pay 5% interest semiannually on June 30 and December 31. The company plans to hold the bonds until they mature. Prepare the journal entries for the following dates and transactions related to this bond acquisition. (1) Bonds purchased on January 1. (2) Receipt of semiannual interest only on June 30. (3) Receipt of semiannual interest and redemption of the bonds at maturity on December 31.
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