1.)Guillon Corp. issues a new set of 12 percent, 20-year bonds in the amount of $2,200,000 on...
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Question:
1.)Guillon Corp. issues a new set of 12 percent, 20-year bonds in the amount of $2,200,000
on February 1, 2020. The bonds sell at 102.00 and pay interest on January 31 and July
31.
Required
Record (a) the issuance of the bonds on February 1, (b) the payment of interest on July 31, (c) the accrual of interest on December 31, and (d) the payment of interest on January 31, 2021. Assume Guillon Corp. amortizes the premium by the straight-line method.
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