(Answered) Question - on january 1 stanhope company issued 100000 7

Accounting

Question - On January 1 Stanhope Company issued $100,000, 7%, 10-year bonds at face value. Interest is payable annually on January 1.

Instructions - Prepare journal entries to record the following events.

(a) The issuance of the bonds.

(b) The accrual of interest on December 31.

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