On July 1, 2011, Matlock Satellites issued $2,700,000 face value, 9%, 10-year bonds at $2,531,760.This price resulted
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Instructions
(a) Prepare the journal entry to record the issuance of the bonds on July 1, 2011.
(b) Prepare an amortization table through December 31, 2012 (3 interest periods) for this bond issue.
(c) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2011.
(d) Prepare the journal entry to record the payment of interest and the amortization of the discount on July 1, 2012, assuming that interest was not accrued on June 30.
(e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2012.
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Related Book For
Financial Accounting
ISBN: 978-0470507018
7th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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