Question: Problem 1: Present entries to record the selected transactions described below: (a) July 1 Issued $6,700,000 of 10-year, 5% bonds at 101. Bonds pay interest

Problem 1: Present entries to record the selected transactions described below: (a) July 1 Issued $6,700,000 of 10-year, 5% bonds at 101. Bonds pay interest semi-annually (6) Dec 31 Paid interest and amortized bond discount using the straight-line method. Mar 1 Called bonds at 100. The bonds were carried at $6,812,700 at the time of the redemption. ANSWER: Journal Item Page XX Credit Date Debit

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