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Suppose Dundee Bank issued a four-year $14,000 bond with a stated interest rate of 4.75% when the market interest rate was 3 42%. Assume that

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Suppose Dundee Bank issued a four-year $14,000 bond with a stated interest rate of 4.75% when the market interest rate was 3 42%. Assume that the accounting year of Dundee Bank ends on October 31. Journalize the following transactions, including an explanation for each entry. a. Issuance of the bond payable on May 1, 2020 b. Accrual of interest expense on October 31, 2020 (rounded to the nearest dollar) c. Payment of cash interest on November 1, 2020 d. Payment of the bonds at maturity (give the date) a. Journalize the issuance of the bond payable on May 1, 2020 e ord debits first, then credits. Enter explanations on the last line.) Journal Entry 2020 Accounts and Explanations Debit Credit May 1

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