Complete the required journal entries to record the bond issue, interest payments on December 31, 2015 and
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Question:
Complete the required journal entries to record the bond issue, interest payments on December 31, 2015 and 2016, interest and face value payment on December 31, 2017, and bond retirement. Assume the bonds are retired on January 1, 2017, at a price of 101.
1. Record the issuance of 660 bonds at face value of $1,000 each for $641,687.
2. Record the interest payment on December 31, 2015.
3. Record the interest payment on December 31, 2016.
4.Record the interest payment on December 31, 2016.
5. Record the retirement of the bonds at a quoted price of 101, assuming the bonds are retired on January 1, 2017
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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