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Please answer Required: For all journal entries, If an amount box does not require an entry, leave it blank. 1. Inurnalize the entru to rernerd
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Required: For all journal entries, If an amount box does not require an entry, leave it blank. 1. Inurnalize the entru to rernerd the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. Feedback V Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. 2. Journalize the entries to record the following: ecember 31, Year 1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. Feedback Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. Feedback Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond. 3. Determine the total interest expense for Year 1. Round to the nearest dollarStep by Step Solution
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