Refer to the information for Ironman Steel below. On January 1, 2020, Ironman Steel issued $1,300,000, 8-year
Question:
On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on December 31.
Required:
Prepare the necessary journal entry on December 31, 2023, assuming the straight-line method is followed.
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Journal Date Account and Explanation Debit ...View the full answer
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SHUBHANKAR DEB
I passed my graduation in 2006. I start speaking from graduation because it is the time when I realized that education is not boring it has something special in it. Than I did PGDCA since computer is an integral part of our life. Following year I started my post graduation I joined MBA with an ambition of job oriented study. After I passed it out I got my first job in an College which was famous for Professional Degree i.e. BBA , MBA, BCA, MCA in out locality. During by job as I was asked to teach the subject Managerial Economics , Quantitative technique in management. In doing so I create my interest in Economics. So I pursue MA In Economics from IGNOU from 2010 to 2012. Then I continue with my job as I gather experience in the field of education i got the chance of becoming external in few Govt. College as well as I got the chance of being selected as an guest lecturer in few Govt. and non Govt. college as well. One thing is quit sure which I came to know through my experience ' When you demonstrate something to a group you get more accustomed with the topic' it is only then you gain knowledge.
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