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Question: Motley Company issued $300,000, 8%, 15-year bonds on December 31, 2016, for $288,000. Interest is payable annually on December 31. Motley uses the straight-line method to amortize bond premium or discount. Instructions Prepare the journal entries to record the following events.

(a) The issuance of the bonds.

(b) The payment of interest and the discount amortization on December 31, 2017.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92659188

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