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INTEREST-BEARING BOND AT PAR WITH ANNUAL INTEREST PAYMENTS

Kiwi Corporation issued at par $200,000, 8 percent bonds on December 31, 2008. In- terest is paid annually on December 31. The principal and the final interest payment are due on December 31, 2010.

Required:

1. Prepare the entry to recognize the issuance of the bonds.

2. Prepare the journal entry for December 31, 2009.

3. Prepare the journal entry for December 31, 2010.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91608944

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