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  3. on january 1, 2025, larkspur corporation issued $5

On January 1, 2025, Larkspur Corporation issued $560,000 of 7% bonds, due in 10 years....

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Accounting

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On January 1, 2025, Larkspur Corporation issued $560,000 of 7% bonds, due in 10 years. The bonds were issued for $521,947, and pay interest each July 1 and January 1. Larkspur uses the effective-interest method. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 8%. (Round answers to 0 decimal places, e 8. 38,548 . If no entry is required, select " No Entry" for the account titles and enter 0 for the amounts. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries)

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