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On June 30, 2016, ABC Company issued $10,000,000 face value of 13%, 20-year bonds to...

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Accounting

On June 30, 2016, ABC Company issued $10,000,000 face value of 13%, 20-year bonds to yield a 12%. ABC uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Prepare journal entries to record the payment of interest and the amortization of the premium or discount on June 30, 2018

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