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How do construct journal entry to record issuance of bond

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Reference no: EM132701957

Cullumber Company issued $620,000, 11%, 10-year bonds on December 31, 2019, for $550,000. Interest is payable annually on December 31. Cullumber Company uses the straight-line method to amortize bond premium or discount.

Problem 1: Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132701957

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