Question: Problem 1: Present entries to record the selected transactions described below: Kauly 1 Issued $6,700,000 of 10-year, 5% bonds at 99. Bonds pay interest semi-annually.

Problem 1: Present entries to record the selected transactions described below: Kauly 1 Issued $6,700,000 of 10-year, 5% bonds at 99. Bonds pay interest semi-annually. Kb Dec 31 Paid interest and amortized bond discount using the straight-line method. Kc) Mar Called bonds at 99 The bonds were carried at $6,590,500 at the time of the redemption. ANSWER: Journal Item Page XX Credit Date Debit

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