Foreman Cleaners issued 800,000 of 10%, 20- year bonds on January 1, 2022, at 119.792 to yield

Question:

Foreman Cleaners issued €800,000 of 10%, 20- year bonds on January 1, 2022, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.

Instructions

Prepare the journal entries to record the following.

a. The issuance of the bonds.

b. The payment of interest and the related amortization on July 1, 2022.

c. The accrual of interest and the related amortization on December 31, 2022.

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Related Book For book-img-for-question

Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Aug 02, 2021 07:37 AM

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Foreman Cleaners issued 800,000 of 10%, 20- year bonds on January 1, 2022, at 119.792 to yield

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a The issuance of the bonds Deb it Credit Cash 800 000 Bonds Pay able 800 00...View the full answer

Intermediate Accounting IFRS

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