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Twins Corporation has authorized to issue $5,000,000 of its 8%, 5-year bonds On January 1, 2018, the bonds issued at 28/02/2018 for $5,493,157 including accrued

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Twins Corporation has authorized to issue $5,000,000 of its 8%, 5-year bonds On January 1, 2018, the bonds issued at 28/02/2018 for $5,493,157 including accrued interest when the effective interest rate 6%. The bonds interest is paid semi-annually on January 1 and July 1. On July 1, 2019 after paid interest Twins purchased 25% of the bonds on the open market at $1,330,000 and cancelled them. Twins uses the effective interest rate method for amortization of bond premiums and discounts. Required: 1- Journalize the bonds issued on February 28, 2018? 2- Journalize all interest entries during 2018? 4- Journalize the entry for redemptions of bonds on Julyl, 2019 and entries at 31, December 2019

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