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Morgan Associates issued $560,000 par value, 11-year bonds on January 1,2022, with a 7% stated interest rase. It wil make interest payments semiannualy each June
Morgan Associates issued $560,000 par value, 11-year bonds on January 1,2022, with a 7% stated interest rase. It wil make interest payments semiannualy each June 30 and December 31 with the first interest payment at the end of the period on June 30,2022 . The market rate of intecest on the date of the bord issue was 10% On what date do the bonds mature? Prepare the journal entry when the bonds mature (you do not neod to include an entry for the interest payment). On what date do the bonds mature? The bonds mature on Now, prepare the journal entry to record the bonds at maturity. (Record debits first, then credts. Exclude explanations from any joumal entries)
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