Briscoe Company issued $700,000 par value, 5-year, 4% bonds on April 30, 2018. The bonds are dated
Question:
Briscoe Company issued $700,000 par value, 5-year, 4% bonds on April 30, 2018. The bonds are dated January 1, 2018, and pay interest semiannually on June 30 and December 31. The bonds are sold at $703,455, including accrued interest, because they are sold between interest dates. Prepare the journal entries required to issue the bonds on April 30, 2018, and record the first interest payment on June 30, 2018. The market rate of interest on the date or sale of the bonds was 4.2%.
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The semiannual interest is 14000 computed as follows 700000 x 4 x 1 2 14000 O...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0134730370
2nd edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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