On January 1, Danvers, Corp., issues 5%, four-year bonds payable with a maturity value of $110,000. The
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On January 1, Danvers, Corp., issues 5%, four-year bonds payable with a maturity value of $110,000. The bonds sell at 94 and pay interest on January 1 and July 1. Danvers, Corp., amortizes any bond discount or premium by the straight- line method. Record
(a) the issuance of the bonds on January 1, and
(b) the semiannual interest payment and amortization of any bond discount or premium on July 1.
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