(Entries and Questions for Bond Transactions) On June 30, 2010, Mackes Company issued $5,000,000…

 
   

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(Entries and Questions for Bond Transactions) On June 30, 2010, Mackes Company issued $5,000,000 face value of 13%, 20-year bonds at $5,376,150, a yield of 12%. Mackes uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.