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(Entries for Bond Transactions-Effective-Interest) Assume the same information as in E14-4, except that Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%.

Instructions

Prepare the journal entries to record the following. (Round to the nearest dollar)

(a) The issuance of the bonds.

(b) The payment of interest and related amortization on July 1, 2014.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91775087

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