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Kareem Corporation has a 20-year, $800,000, 8%, bond issue dated March 1, 2023. The bonds pays interest on March 1 and September 1 of each
Kareem Corporation has a 20-year, $800,000, 8%, "bond issue" dated March 1, 2023. The bonds pays interest on March 1 and September 1 of each year. The "bond issue" was sold on April 1, 2023 at par plus accrued interest. Required: Prepare the journal entries for the following: 1) The issuance of the bonds on April 1. 2) The 1st interest payment on September 1st. 3) The adjusting entry on December 31st. 4) The 2nd interest payment on March 1st. 5) The final payment of the bond at the maturity date
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