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new project analysis you must evaluate proposal to buy new bu

Question 25 (12 points) On January 1, 2017, the City of Portland issued $5,000,000 of 4% tax supported bonds. The bonds are d
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Answer #1

January 1

Bank A/c ----------------------------------------------------- Dr 5,048,000

To Bonds 5,000,000

To Debt Service Fund 48,000

June 1

No Entry

June 30th

Interest Account -------------------------------------------Dr 100000

To Interest Payable 100000

Interest Payable Dr 100000

To Bank 100000

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