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Mclain corporation sold 6.000.000, 9%, 10years bonds on january 1, 2014. the bonds were dated january 1, 2014, and pay interest on july 1 and january 1. McLain corporation use the straight line method to amortize bond premium or discount. assume no interest is accured on june 30

a. prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming that the bond sold at 102

b. prepare journal entries as in part (a) assuming that the bonds sold at 96

c. show statement of financial position presentation for each bond issued at december 31,2014

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940012

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