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Celine dion company issued 1044000 of 10 20-year bonds on

Question - Celine Dion Company issued $1,044,000 of 10%, 20-year bonds on January 1, 2014, at 102. Interest is payable semiannually on July 1 and January 1. Celine Dion Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%.

Prepare the journal entries to record the following.

(a) The issuance of the bonds.

(b) The payment of interest and related amortization on July 1, 2014.

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Accounting Basics: Celine dion company issued 1044000 of 10 20-year bonds on

Reference No:- TGS02869436

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