Question

The following data relate to a $15,000,000, 10% bond issued for a selected semiannual interest period:
Bond carrying amount at beginning of period $15,593,454 Interest paid during period 750,000 Interest expense allocable to the period 809,345
(a) Were the bonds issued at a discount or at a premium?
(b) What is the unamortized amount of the discount or premium account at the beginning of the period?
(c) What account was debited to amortize the discount or premium?



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  • CreatedFebruary 28, 2014
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