Boone Company issued $240,000 of 8%, 20-year bonds on January

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Description

Boone Company issued $240,000 of 8%, 20-year bonds on January 1, 2007, at face value. Interest is payable annually on January

Instructions

Prepare the journal entries to record the following events.

The issuance of the bonds
The accrual of interest on December 31, 2007.
The payment of interest on January 1, 2008.
The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded

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