IDS Company issued $850,000, 10-year, 8 percent bonds on January 1, 2009. The bonds sold for $900,000.
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IDS Company issued $850,000, 10-year, 8 percent bonds on January 1, 2009. The bonds sold for $900,000. Interest is payable annually each December 31. Record the sale of the bonds on January 1, 2009, and the payment of interest on December 31, 2009, using the effective-interest method of amortization. The yield on the bonds is 7 percent.
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January 1 2009 Cash A 900000 Premium on Bon...View the full answer
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