Journalize the issuance of the bonds and adjusting entry to, Financial Accounting

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Journalize the issuance of the bonds and adjusting entry to

Problem

On January 1, Murphy, Inc., issues 7 percent, 20-year bonds with a face value of exist650,000 at 96. Interest is payable on June 30 and December 31.

Journalize the following entries:

a. Issuance of the bonds.
b. Payment of semiannual interest on June 30 and December 31.
c. Adjusting entry to amortize the discount on December 31, the companys year end.

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Financial Accounting: Journalize the issuance of the bonds and adjusting entry to

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Financial Accounting: Journalize the issuance of the bonds and adjusting entry to

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