On January 1, 2013, French Co. issued $400,000 of five-year, 6 percent bonds at 97. Interest is… 1 answer below »

 
   

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On January 1, 2013, French Co. issued $400,000 of five-year, 6 percent bonds at 97. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the journal entries to record the bond transactions for 2013 and 2014.