Question: On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued at 95 and pay

On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued at 95 and pay interest on January 31 and July 31. Daughtry Logistics, Inc., amortizes bond discounts by the straight-line method. Record
(a) Issuance of the bonds on January 31,
(b) The semiannual interest payment and amortization of bond discount on July 31
(c) The interest accrual and discount amortization on December 31.

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Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT a Jan 31 Cash 11000000 095 10450000 ... View full answer

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