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On February 1, 2024, Strauss L...

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Accounting

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On February 1, 2024, Strauss L Lombardi issued 8% bonds, dated February 1, with a face amount of $630,000. - The bonds sold for $572.036 and mature on January 31,2044 (20 years). - The market yield for bonds of similar risk and maturity was 9% - Interest is paid semiannually on July 31 and January 31. - Strauss-Lombardis fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record theit issuance by Strauss-Lombardi on February 1, 2024, interest on July 3t, 2024 (at the effective rate), adjusting entry to accrue interest on December 31,2024 and interest on January 31,2025. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar, If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1. 3 Answer is complete but not entirely correct

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