Olstad Company issued $350,000 of 8%, 20-year bonds on January 1, 2012, at face value. Interest is
Question:
Instructions
Prepare the journal entries to record the following events.
(a) The issuance of the bonds.
(b) The accrual of interest on December 31, 2012.
(c) The payment of interest on January 1, 2013.
(d) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
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Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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