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Required information (The following information applies to the questions displayed below.) On January 1, when the market interest rate was 10 percent, Seton Corporation completed
Required information (The following information applies to the questions displayed below.) On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $270,000, 9 percent bond issue for $253,399. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Round your answers to the nearest whole dollar.) Journal entry worksheet 2 Record the issuance of bonds for $253,399 with a face value of $270,000. Note: Enter debits before credits. General Journal Dobit Credit Date January 01 Journal entry worksheet Record the interest payment on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31
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