Question: On January 1 Newkirk Company issued 300 000 8 10 year bonds

On January 1, Newkirk Company issued $300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1.

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


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  • CreatedApril 07, 2014
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