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On January 1, 2019, Smalls Baseball Company issued 1,000 bonds to build a new baseball diamond, each with a face value of $1,000, for 102.7323.
On January 1, 2019, Smalls Baseball Company issued 1,000 bonds to build a new baseball diamond, each with a face value of $1,000, for 102.7323. The stated interest is 3.8%, and the market rate at the time the bonds were issued was 3.2%. The bonds are due on January 1, 2024 (5 year term) with interest payments due annually every January 1st. The company received cash from the sale of the bonds. Question 11 6 pts Record the complete journal entry for the sale of the bonds below: (To answer this question, please copy and paste the table, and enter your answers in corresponding cells of the table. You may or may not need all of the rows in the table.) DATE DESCRIPTION DEBIT CREDIT Using the effective interest method calculate and record the December 31, 2020 journal entry for the bond interest expense including premium/discount amortization, and the payable. (To answer this question, please copy and paste the table, and enter your answers in corresponding cells of the table. You may or may not need all of the rows in the table.) DATE DESCRIPTION DEBIT CREDIT
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