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PLEASE SHOW ALL WORK! On Jan 1 st 2020, A Co. sold 100,000 tins. Each tin cost Tinning Co. $0.10 to produce. Tinning Co. received
PLEASE SHOW ALL WORK! On Jan 1st 2020, A Co. sold 100,000 tins. Each tin cost Tinning Co. $0.10 to produce. Tinning Co. received a 3 year bond with the face amount of $10,000 with a stated rate of 5% compounded annually. The market rate for similar bonds is 8%. A Co. prepares financial statements once every year.
Provide the transactional journal entries associated with this transaction on Jan 1st 2020.
Provide the transactional journal entries dated December 31st 2020 when the first interest payment is received.
PLEASE SHOW ALL WORK!
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