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Prepare the appropriate journal entries on dec 31, 2012 and June 30, 2013.
Magic company issued $500,000,10%,10-year bonds on December 31, 2012 for 460,000. Interest is payable semiannually on June 30 and Dec 31. Magic uses the straight line method of amortization and has a calendar year end. Prepare the appropriate journal entries on dec 31, 2012 and June 30, 2013.
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