XXX Hospital issued $100,000 of 6%, 20-year bonds on July 1, 20X1, at face value....
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Accounting
XXX Hospital issued $100,000 of 6%, 20-year bonds on July 1, 20X1, at face value. Interest is payable semiannually on January 1 and July 1 of each year, beginning January 1, 20X2.
Assuming that adjustments are made annually on December 31 only, prepare the necessary adjusting entry on December 31, 20X1.
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