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Prepare the companys journal entries

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On January 1, 2017, Sandhill Corporation issued $650,000 of 9% bonds, due in 10 years. The bonds were issued for $609,499, and pay interest each July 1 and January 1. Sandhill uses the effective-interest method.

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 10%.

Reference no: EM131802997

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