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question the city of pearl issued 200 bonds at their face value of 7 000 each plus a 4290401

Question

The City of Pearl issued 200 bonds at their face value of $7,000 each plus accrued interest on June 1, 2017. The term of the bonds was January 1, 2017 to January 1, 2023, with interest payable semi-annually each January 1 and July 1 at 6%. Pearl uses the effective interest method.

A) Prepare the company’s journal entry for the date of issuance (3)

B) Prepare the company’s journal entry for the July 1 interest payment. (2)

C) Prepare the company’s journal entry for the December 31 adjusting entry (2)

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