On December 31, 2008, Ironman Steel issued $500,000, eight-year bonds for $508,000. The stated rate of interest

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On December 31, 2008, Ironman Steel issued $500,000, eight-year bonds for $508,000. The stated rate of interest was 9 percent and interest is paid annually on December 31.

Required:

Provide the necessary journal entry on December 31, 2012, assuming the straight-line method is followed.

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

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Question Posted: Jul 23, 2012 03:23 AM

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On December 31, 2008, Ironman Steel issued $500,000, eight-year bonds for $508,000. The stated rate of interest

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Cornerstones of Financial and Managerial Accounting

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