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send answer as soon as possible Question 3 On January 1, 2021, Poet Corporation issued 5-year, 8% bond with a maturity value of $150,000. The
send answer as soon as possible
Question 3 On January 1, 2021, Poet Corporation issued 5-year, 8% bond with a maturity value of $150,000. The bonds sell at 97.00 and pay interest on July 1 and January 1. Denver Corporation amortizes the bond using the effective interest rate method. The market rate is 9%. Required Prepare the journal entries to record the sale of the bond, the interest expense for July 1 and the interest accrual for December 31 (company has a year end of December 31). Explanations are not required. (9 marks) DATE ACCOUNT DEBIT CREDITStep by Step Solution
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
