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On January 1, 2011, Cleopatra Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $3,216,288. The market rate
On January 1, 2011, Cleopatra Corporation issued $3,000,000, 14%, 5-year bonds with interest payable on December 31. The bonds sold for $3,216,288. The market rate of interest for these bonds was 12%. The company uses the effective-interest method of amortization. In December 31, 2013, after paying interest, Cleopatra decides to redeem third of the bond back at 105. Instruction Prepare the journal entries that Cleopatra Corporation would make, related to the bond issue from January 1, 2011 to December 31, 2015. Be sure to indicate the date on which the entries would be made
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