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Question
Journalize the following selected bond transactions:
a. Issued $2,750,000 of 8%, 10-year bonds at 97.
b. Amortized bond discount for a full year, using the straight-line method (as a separate entry from the interest payment).
c. At the end of the third year, called bonds at 98. The bonds were carried at $2,692,250 at the time of the redemption.
Answer
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