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Business, 06.03.2020 20:28 Carrchris021

The following section is taken from Pharoah’s balance sheet at December 31, 2020.

Current liabilities
Interest payable $54,000
Long-term liabilities
Bonds payable (10%, due January 1, 2024) 540,000

Interest is payable annually on January 1. The bonds are callable on any annual interest date.
Journalize the payment of the bond interest on January 1 2021

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The following section is taken from Pharoah’s balance sheet at December 31, 2020.

Curre...
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