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Problem 2 (30 Points): Chapter 10 On January 1, 2014, Park Corporation sold a $600,000, 7.5 percent bond issue (8.5 percent market rate). The bond
Problem 2 (30 Points): Chapter 10 On January 1, 2014, Park Corporation sold a $600,000, 7.5 percent bond issue (8.5 percent market rate). The bond were dated January 1, 2014, pay interest each June 30 and December 31, and mature in four years. Required: A. What is cash proceedings from the bond issuance? (10 Points) A. Give the journal entry to record the issuance of the bonds. (10 Points) B. Give the journal entry to record the interest payments on June 30, 2014. (10 Points)
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