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On May 1, 2012, Chance Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2012, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.
A. Prepare the journal entry to record the issuance of the bonds.
B. Prepare the adjusting entry to record the accrual of interest on December 31, 2012. C. Show the balance sheet presentation on December 31, 2012.
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Three different plans for financing a 10,000,000 corporatio
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Leslie died on October 31, 2011. Prior to 2009, Leslie had never made any gifts, but in 2010 she made some transfers. Specifically, on January 10, 2010, Leslie gave her vacation beach house to her five children as tenants in common.
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