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Corp. issued 6.5 percent, five-year bonds payable at a price of $23,200 on January 1,...

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Accounting

Corp. issued 6.5 percent, five-year bonds payable at a price of $23,200 on January 1, 2018; these bonds have a maturity value of $24,000. Journalize the following transactions for Hastings Corp. Include an explanation for each entry. a. Issuance of the bond payable on January 1, 2018. b. Payment of semiannual interest and amortization of bond discount on July 1, 2018. Use the straight-line method to amortize the discount.

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