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What is the appropriate journal entry for the transaction

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Reference no: EM132787710

Question - The company recognizes accrued interest for the bonds issued on April 1st. (end of year adjusting entry)

Potentially useful information: April 1st Issued a 10-year, $100,000,000 par value bond with an annual contract rate of interest of 8%, payable in semi-annual interest payments on September 30th and March 31st. the market rate of interest at the time of issuance was 9%.

What is the appropriate journal entry for the above transaction?

Reference no: EM132787710

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