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On January 1, 2020, Sage Corporation issued $690,000 of 9% bonds, due in 10 years....

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Accounting

On January 1, 2020, Sage Corporation issued $690,000 of 9% bonds, due in 10 years. The bonds were issued for $647,006, and pay interest each July 1 and January 1. Sage uses the effective-interest method. Prepare the companys journal entries for the December 31 adjusting entry. Assume an effective-interest rate of 10%

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