Turner Corporation issued $800,000 of 6% bonds at 97.5 plus accrued interest on August 1,...
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Turner Corporation issued $800,000 of 6% bonds at 97.5 plus accrued interest on August 1, 2017. The bonds are 9-year bonds dated December 1, 2016 and pay interest on June 1 and December 1, each year. The company's fiscal year coincides with the calendar year; straight line amortization is used.
Prepare the journal entries that Turner Corporation would make on August 1, 2017, December 1, 2017 and December 31, 2017.
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