Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield
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Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a) The issuance of the bonds.
(b) The payment of interest and related amortization on July 1, 2012.
(c) The accrual of interest and the related amortization on December 31, 2012.
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a 1112 Cash 800000 X 08495 679600 Bonds Payable 679600 b ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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