Bryan Company issued $500,000 of 10% face value bonds on January 1, 2019, for $486,000. The bonds
Question:
Bryan Company issued $500,000 of 10% face value bonds on January 1, 2019, for $486,000. The bonds are due December 31, 2021, and pay interest semiannually on June 30 and December 31. Bryan uses the straight-line amortization method.
Required:
Prepare the journal entries to record the issuance of the bonds and the first two interest payments.
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
Step by Step Answer:
2019 Jan 1 Cash 486000 Discount on Bonds Pa...View the full answer
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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