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Lisburn Corporation issued 10%,15-year bonds with a face value of $1,500,000 at a price of 95 on July 1,2021 . The bonds pay interest each
Lisburn Corporation issued 10%,15-year bonds with a face value of $1,500,000 at a price of 95 on July 1,2021 . The bonds pay interest each January 1 and July 1 . Lisburn uses the straight-line amortization method for all bond premiums and discounts. The company has a fiscal year-end of December 31. Read the requirements. Requirement 1. Record the issuance of the bonds on July 1, 2021. (Record debits first, then credits. Exclude explanations from any journal entries.)
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