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Q1) Present entries to record chosen transactions describeed below: 

(a) Issued $3,250,000 of 10-year, 8% bonds at 97. 

(b) Amortized bond discount for full year, by using straight-line method. 

(c) Called bonds at 98.  Bonds were carried at $3,175,500 at time of redemption.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M916977

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