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Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $31,400,000 of 20-CHART OF ACCOUNTS Mia Breen Corp. General Ledger ASSETS REVENUE 410 Sales 110 Cash 111 Petty Cash 610 Interest Revenue 121 Ac126 Interest Receivable EXPENSES 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 142 Store Supplies 151 Pr195 Accumulated Depreciation Office Equipment 535 Rent Expense LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 SaleEQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In

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Answer #1

Journal entries

Date account and explanation Debit Credit
May 1 cash 31400000
Bonds payable 31400000
Nov 1 Interest expense (31400000*5%*6/12) 785000
Cash 785000
Nov 1 Cash (31400000*.99) 31086000
Loss on redemption of bonds 314000
Bonds payable 31400000
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