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On January 1, Newkirk Company issued $482,700, 8%, 15-year bonds at face value. Interest is...

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Accounting

On January 1, Newkirk Company issued $482,700, 8%, 15-year bonds at face value. Interest is payable annually on January 1.

A. Prepare journal entries to record the issuance of the bonds.

B. Prepare journal entries to record the accrual of interest on December 31.

C. Prepare journal entries to record the payment of interest on January 1.

Do not copy from Chegg and give complete answer with explanation

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