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Prepare the journal entry to record the issuance of bonds

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Reference no: EM131826810

Exercise - Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2019, at 103. Interest is payable annually on January 1. Adcock uses straight-line amortization for bond premium or discount.

Prepare the journal entry to record the issuance of the bonds.

Prepare the journal entry to record the payment of interest on January 1, 2020.

Reference no: EM131826810

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