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On January 1, 2020, Novak Corporation issued $790,000, 5, 5 year bonds dated January 1, 2017, 97. The bonds per and has a calendar year

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On January 1, 2020, Novak Corporation issued $790,000, 5, 5 year bonds dated January 1, 2017, 97. The bonds per and has a calendar year end untersto w wy 1. The company as the straight line method wert Prepare all the journal entries that Novak Corporation would make related to this bond issue through Juary 1, 2021. Be sure to indicate the date on which the entries would be made. Credit accountities are automatically indented when the amount is entered. Do not indent molly Date Account Tities and Explanation G ary 22000 Cash Discount on Bonds Payable Bondste (To record sale of bonds at a discount) were pene January 1, 2011 Discount on Bonds Payable To record annual accrued bond interest d otation and sound December 31, 2020 Interest Expense Bonds Paya norocardamental band interest ability

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