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What are the journal entries to record this

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Question - On January 2, 2017 the city of Namtip issued at 101½ some 30-year, 3% term bonds with a face amount of $50,000,000. Interest is paid semi-annually on June 30th and December 31st. The city has a policy of amortizing of any premium or discount at the end of the fiscal year using the straight-line method over the term of the bond.

What are the journal entries to record this?

Reference no: EM131941917

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