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Q1) Block Company issued 20,000 10 year bond on 7/1/2008 when market rate was= 6.5%. Suppose that accounting year of Block Company ends on December. Journalize given transactions.

a) Issuance of the bond on 7/1/2008

b) Accrual of the interest expense on 12/31/2008

c) Payment of interest on 1/1/2009

d) Payment of the bond at maturity

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M916854

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