Use the Following to Answer Questions

question 57

Short Answer

Use the following to answer questions
On January 1,2016,The Hanover Corporation issued $70,500 of 8%,5-year bonds at 97.Hanover uses the straight-line method of bond discount amortization.The interest payments are due on December 31 each year.
-The journal entry used to record the interest payment on December 31,2017 would be:

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Definitions:

Federalists

Supporters of the ratification of the U.S. Constitution, favoring a strong national government.

Democrats

Refers to the Democratic Party, one of the two major contemporary political parties in the United States, known for its liberal and progressive stances on various issues including social welfare, environmental protection, and civil rights.

Republicans

A member or supporter of the Republican Party, one of the two major contemporary political parties in the United States, typically associated with conservative policies.

Referendum

A direct vote by the electorate on a specific proposal or issue, bypassing the legislative body.