Journalizing bond transactions including retirement at, Accounting Basics

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Journalizing bond transactions including retirement at

Question: Journalizing bond transactions including retirement at maturity Yancy issued a $75,000, 5.5%, 10-year bond payable. Journalize the following transactions for Yancy and include an explanation for each entry:

a. Issuance of the bond payable at face value on January 1, 2016.

b. Payment of semiannual cash interest on July 1, 2016.

c. Payment of the bond payable at maturity. (Give the date.)

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