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Prepare the journal entries to record the issuance

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The Bailey Corporation issued 5 year, 11% bonds with a face value of $300,000 on April 1 for $288,000. Interest is paid semiannually at October 1 and April 1.

Prepare the journal entries to record the issuance on April 1 and the first interest payment on October 1. Use the straight line method to amortize the discount.

Reference no: EM13871633

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