Question: Exercise 10-8 On August 1, 2017, Blue Spruce Corp. issued $481.200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue

Exercise 10-8 On August 1, 2017, Blue Spruce Corp. issued $481.200,

Exercise 10-8 On August 1, 2017, Blue Spruce Corp. issued $481.200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruce's year-end is December 31 Prepare journal entry to record the issuance of the bonds. (Credit account titles are automaticaly indenited when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare journal entry to record the accrual of interest on December 31, 2017 (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare journal entry to record the payment of interest on August 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually-) Date Account Titles and Explanation Aug. 1 Debit Credit

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