Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable annually on January 1.
Question:
Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.
a. Prepare the journal entry to record the sale of these bonds on January 1, 2020.
b. Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020.
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Step by Step Answer:
a Jan 1 Cash 102 X 4000000 4080000 Bonds Payable 4000000 Premium ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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