Question: On January 1 2017 Klosterman Company issued 500 000 10 10 year

On January 1, 2017, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1.

Instructions
Prepare journal entries to record the following.
(a) The issuance of the bonds.
(b) The accrual of interest on December 31, 2017.
(c) The payment of interest on January 1, 2018.


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  • CreatedMarch 02, 2015
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