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QUESTION 3 Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2015, at 98. Interest is due on June 30 and

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QUESTION 3 Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2015, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2035. Mellilo's fiscal year ends on December 31. Record the issuance of the bonds and entries to be passed post the issue. Date General Journal Debit 1-Jul-15 Cash Discount on bonds payable Bonds payable Dec.31, 2015 Bond interest expense Discount on bonds payable Cash 30-Jun-35 Bond interest expense Discount on bonds payable Cash 30-Jun-35 Bonds payable Cash

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