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Brief Exercise 10-20 Metlock, Inc. issues $2.10 million, 5-year, 11% bonds at 104, with interest payable annually January 1.

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Answer #1
Date Account titles & explanations Debit Credit
1-Jan Cash 2184000
premium on bonds payable 84000
bonds payable 2100000
31-Dec interest expense 222600
premium on bonds payable 8400
interest payable 231000
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