Universal Foods issued 1 2 % bonds, dated January 1 , with a face amount of $
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Question:
Universal Foods issued bonds, dated January with a face amount of $ million on January to Wang Communications.
The bonds mature on December years
The market rate of interest for similar issues was
Interest is paid semiannually on June and December
Universal uses the straightline method.
Required:
to Prepare the journal entries to record the purchase of the bonds by Wang Communications on January interest revenue on June and interest revenue on December
Note: Round your final answers to the nearest whole dollars. If no entry is required for a transactionevent select No journal entry required" in the first account field. Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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