Castillo Company has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $81,000; service cost, $18,600; interest cost, $5,600; benefits paid for the year, $9,600; ending PBO, $95,600;
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Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. On April 1, 2016, Quirk issued $2,000,000, 9% bonds for $2,151,472 including accrued interest.
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