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E8-6(Current Refunding) Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15,20X7. To...

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Accounting

E8-6(Current Refunding) Barton Village has $7,000,000 of 10-year, 6% bonds maturing on March 15,20X7. To repay the bonds and interest, the Village Council approved issuance of refunding bonds. Record the following:
The village issued $7,300,000(face value) of refunding bonds at a premium of $180,000 and paid bond issue costs of $60,000.
The village paid principal ($7,000,000) and interest ($420,000) on the maturing bonds on March 15,20X7.

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