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On January 1, 2024, Tiger Inc. issued 8.5% bonds dated January 1, 2024, with a face amount of $500,000. The bonds mature in 10

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On January 1, 2024, Tiger Inc. issued 8.5% bonds dated January 1, 2024, with a face amount of $500,000. The bonds mature in 10 years. The effective interest rate for these bonds was 8.1%. Interest is paid semiannually on June 30 and December 31. Tiger paid investment banking fees of $28,000 related to the bond issuance. Tiger's fiscal year is the calendar year. Tiger uses the effective interest method of amortization. Required: 1. Prepare the journal entry to record the bond issuance on January 1, 2024. 2. Prepare the necessary journal entries on June 30 and December 31, 2024. 3. Prepare the necessary journal entry on June 30, 2025. 4. Prepare the June 30, 2024 interest journal entry assuming that Tiger uses the straight-line method. Date Account Title Debit Credit

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