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Public Independence School District issued $100 million general obligation bonds to finance the construction of a New High School with modern facilities. The bonds were

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Public Independence School District issued $100 million general obligation bonds to finance the construction of a New High School with modern facilities. The bonds were issued at a premium of $600,000 2. Required: a. Prepare the Journal entries to record the issue of the Bonds in the General Fund. b. Prepare the Journal entries to Transfer the Premium to the appropriate account. 5. Prepare the Journal Entries to Transfer the Proceeds to Capital Project Fund for New School Construction. c. IIL ESSAY OUESTIONS (10 POINTs

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