Question

Refer to the information for Sicily Corporation above.
Sicily Corporation issued $500,000 in 6 percent bonds (payable on December 31, 2021) on December 31, 2011, for $402,440. Interest is paid on June 30 and December 31. The market rate of interest is 9 percent.

Required:
Prepare the journal entries for December 31, 2013 and 2014.


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  • CreatedSeptember 22, 2015
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