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Question 1 BASSI Corporation has $8,000,000 of 9,5%, 25-year bonds dated March 1, with interest payable on March 1 and September 1. The companys fiscal
Question 1
BASSI Corporation has $8,000,000 of 9,5%, 25-year bonds dated March 1, with interest payable on March 1 and September 1. The companys fiscal year ends on November 30, and it uses the straight line method to amortize bond premiums or discounts.
Assume the bonds are issued at 103,5 on March 1.
Prepare journal entries for March 1, and November 30.
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