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On Jamuary 1, 2022, Jones Technology. Incorporated issued $820,000 of $1,000 par value, 3%, 6 year bonds. fraeest is payable semianvally each Jaataay 1 and

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On Jamuary 1, 2022, Jones Technology. Incorporated issued $820,000 of $1,000 par value, 3\%, 6 year bonds. fraeest is payable semianvally each Jaataay 1 and July 1 with the first interest paymert due at the end of the period on July 1, 2022 . The matket rate of interest for simlar nonconweriblo bonds on the date of the bond issue was 14%. However, bocause these bonds ace convertible, the effective fate is 12%. Each bond is convertibie into 60 shaves of Jones Technology's $5 par value commoa stock. Fead the temertements Requirement c. Prepare the journal entry when Jones fectunglogy issued the bonds. Flecond debis first, then credits Exckude explanatiors fom any journa entines. Use the mounded values fram previous caleulations)

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