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On January 1, Dogwood Industries issues 4 percent, 20 -year bonds payable with a maturity value of $80,000. The bonds sell at 93 and pay
On January 1, Dogwood Industries issues 4 percent, 20 -year bonds payable with a maturity value of $80,000. The bonds sell at 93 and pay interest on January 1 and July 1 . Dogwood Industries amortizes any bond discount or premium by the straight-line method. Requirements 1. Record the issuance of the bonds on January 1. 2. Record the semiannual interest payment and amortization of any bond discount or premium on July 1 . Requirement 1. Record the issuance of the bonds on January 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement 2. Record the semiannual interest payment and amortization of any bond discount or premium on July 1 . (Round your answers to the nearest whole number.)
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