Long-term Bonds 1. On January 1, 2023, Reagan Corporation issued $800,000 of 3.4% 6-year bonds....
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Accounting
Long-term Bonds
1. On January 1, 2023, Reagan Corporation issued $800,000 of 3.4% 6-year bonds. The bonds were issued to yield 4% (market interest rate) and required semi-annual interest payments.
a. Prepare a journal entry to record the bond issue.
b. Prepare a bond amortization table or these bonds.
c. Prepare a journal entry to record the first interest payment due on June 30.
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