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Knowledge Check 01 On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,1

Please provide the journal entries for this. Thanks

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Journal entry:

date account title debit credit
jan 01

cash

premium on bonds payable ($76180 - $70000)

bonds payable

$76180

.

.

.

$6180

$70000

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