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Johnson corporation issued a 10 year, 6% bond with a face value of $2,175,000. The bonds were sold to yield 5%. Interest is payable semi-annually
Johnson corporation issued a 10 year, 6% bond with a face value of $2,175,000. The bonds were sold to yield 5%. Interest is payable semi-annually on January 1 and July 1. Effective ammortization is to be used.
On January 1, 2024, Johnson corporation paid the interest payment due on that date and then called all the bonds at 104.25. Prepare all necessary journal entries for the call date.
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