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Prepare a record the payment of interest on june

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Coffman Company issued $994,000, 9-year, 7 percent bonds on January 1, 2014. The bonds sold for $682,904. Interest is payable semiannually each June 30 and December 31.

Question 1: Record the sale of the bonds on January 1, 2014, and the payment of interest on June 30, 2014, using effective-interest amortization. The yield on the bonds is 13 percent. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Question 2: Record the payment of interest on June 30 using effective-interest amortization.

Reference no: EM132490242

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