Question # 2Prepare the necessary journal entries to record the followingtransactions relating to the...Question...

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Accounting

Question # 2
Prepare the necessary journal entries to record the followingtransactions relating to the long-term issuance of bonds byGlendale Corp. Show calculations and round to the nearestdollar.
March 1
Issued $200,000 (face value) 8% bonds for $218,040, includingaccrued interest. Interest is payable semi-annually on December 1and June 1 with the bonds maturing 10 years from the previousDecember 1. The bonds are callable at 102.
June 1
Paid semi-annual interest on the bonds. Use straight-lineamortization for any premium or discount.
December 1
Paid semi-annual interest on the bonds, and then purchased$100,000 face value bonds at the call price in accordance with theprovisions of the bond indenture.

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In: AccountingQuestion # 2Prepare the necessary journal entries to record the followingtransactions relating to the...Question # 2Prepare the necessary journal entries to record the followingtransactions relating to the long-term issuance of bonds byGlendale Corp. Show calculations and round to the nearestdollar.March 1Issued $200,000 (face value) 8% bonds for $218,040, includingaccrued interest. Interest is payable semi-annually on December 1and June 1 with the bonds maturing 10 years from the previousDecember 1. The bonds are callable at 102.June 1Paid semi-annual interest on the bonds. Use straight-lineamortization for any premium or discount.December 1Paid semi-annual interest on the bonds, and then purchased$100,000 face value bonds at the call price in accordance with theprovisions of the bond indenture.