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On October 1, 2024, Flounder Corp. issued $780,000,9%,10-year bonds at face value. The bonds were dated October 1, 2024, and payinterest annually on October 1.

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On October 1, 2024, Flounder Corp. issued $780,000,9%,10-year bonds at face value. The bonds were dated October 1, 2024, and payinterest annually on October 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (List all debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the oceount tlies and enter O for the amounts) Prepsre the adjusting entry to record the accrual of interest on December 31.2024. (List all debit entries befare credit entries Credit account titles are automatically indented when amount is entered, Do not indent manually, if no entry is required, seiect "No Entry" for the account titles and enter 0 for the amounts) Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2024: Prepare the journal entry to record the payment of interest on October 1,2025. (List all debit entries before credit entries. Credit occount titles are automatically indented when omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Assume that on January 1,2026, Flounder pays the accrued bond interest and calls the bonds. The call price is 102 . Record the payment of interest and redemption of the bonds. (List all debit entries before credit entries. Credit account cities ore dutomotically indented when amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)

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