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  3. on january 1, 2020, jackson inc. issued $950,000,

On January 1, 2020, Jackson Inc. issued $950,000, 7%, 15-year bonds, dated January 1, 2020,...

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Accounting

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On January 1, 2020, Jackson Inc. issued $950,000, 7%, 15-year bonds, dated January 1, 2020, at 105. The bonds pay interest semi-annually on January 1 and July 1. The company has a December 31 year end. Assume amortization of $1,750 and $1,675 respectively for the first two semi-annual interest periods. Instructions Prepare the journal entries that Jackson Inc. would make related to the bond issue on the dates indicated below: - January 1, 2020 - July 1, 2020 - December 31, 2020 - January 1, 2021 January 1, 2020 Date Accounts Debit Credit Jan 1/20 July 1, 2020 Date Accounts Debit Credit July 1/20

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