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Prepare company journal entries for bridgeport corporation

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Reference no: EM132459708

On January 1, 2017, Bridgeport Corporation issued $520,000 of 7% bonds, due in 10 years. The bonds were issued for $484,667, and pay interest each July 1 and January 1. Bridgeport uses the effective-interest method.

Qurestion 1 problem: Prepare the company's journal entries for

(a) the January 1 issuance,

(b) the July 1 interest payment, and

(c) the December 31 adjusting entry. Assume an effective-interest rate of 8%

Reference no: EM132459708

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