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Sheridan Company issues $1.60 million, 10-year, 9% bonds at 97, with interest payable each January 1. Prepare the journal ent

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Answer #1
Jan 1 Cash 1,552,000
Discount on bonds payable 48,000
Bonds payable 1,600,000
Jan 1 Cash 1,696,000
Premium on Bonds Payable 96,000
Bonds payable 1,600,000
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