On January 1, 2024, Eastside Credit Union (ECU) issued 7\%, 20-year bonds payable wihh tace...
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On January 1, 2024, Eastside Credit Union (ECU) issued 7\%, 20-year bonds payable wihh tace value of $700,000. These bonds pay intorest on June 30 and December 31 . The issue price of the bonds is 110. Journalize the following bond transactions: (i) (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amontization method. Record dobits first, then credits. Select explanations on the last line of the journat entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2024 More info a. Issuance of the bonds on January 1, 2024. b. Payment of interest and amortization on June 30,2024. c. Payment of interest and amortization on December 31,2024. d. Retirement of the bond at maturity on December 31,2043 , assuming the last interest payment has already been recorded
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