Prepare journal entry to record the accrual of interest

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Reference no: EM131881468

Problem

On January 1, Blossom Company issued $301,000, 7%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare journal entry to record the issuance of the bonds. Prepare journal entry to record the accrual of interest on December 31. Prepare journal entry to record the payment of Interest on January 1.

Reference no: EM131881468

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