(5%) On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest...
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(5%) On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
(a) Issuance of the bonds.
(b) First semiannual interest payment.
(c) Amortization of bond discount for the year, using the straight-line method of amortization.
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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