Prepare the journal entry to record the payment of interest

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Reference no: EM131012366

On January 1, Company issued $400,000, 7%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.

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

2 Prepare the journal entry to record the payment of interest on July 1, assuming no previous accrual of interest.

3 Prepare the journal entry to record the accrual of interest on December 31.

Reference no: EM131012366

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