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In: AccountingLundholm, Inc., which reports financial statements each December31, is authorized to issue $500,000 of 9%,...Lundholm, Inc., which reports financial statements each December31, is authorized to issue $500,000 of 9%, 15-year bonds dated May1, 2015, with interest payments on october 31 and April 30. Assumethe bonds are issued at par on May 1, 2015.a) Prepare Journal entries to record the bond issuance, paymentof the first semiannual period's interest, and retirement of$300,000 of the bonds at 101 on November 1, 2016.b) Post the Journal entries from part a) to their respectiveT-Accountsc) Record each of the transactions from part a in the financialstatement effects template
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