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On 7/1/17 lowa, Inc. issued $900,000 of 9% bonds dated 5/1/17 which are due 7/1/27. Interest is payable annually on 7/1. The market rate for
On 7/1/17 lowa, Inc. issued $900,000 of 9% bonds dated 5/1/17 which are due 7/1/27. Interest is payable annually on 7/1. The market rate for the bonds was 9.5%. On 4/1/20 lowa retired all of these bonds for $892,000 plus accrued interest. Prepare all journal entries for these bonds from 2017 through 2020. lowa has a 12/31 fiscal year end
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