I. On March 1 , 2 0 x 4 , Ludwig Corp. issued $ 7 0 0
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Question:
I. On March x Ludwig Corp. issued $ of its bonds. The bonds mature in years.
The bonds were priced to yield Interest is payable semiannually on February and August
Ludwig records interest at the effective rate.
Required:
Determine the price of the bonds at March x
Prepare the journal entry to record the bond issuance on March x
Prepare an amortization table through the maturity for years
Prepare the entry to record interest on August x for the first payment.
Prepare the adjusting entry on December xIn adjusting entries, cash account is never used.
Prepare the entry to record interest on February x for the second payment.
Assume all bonds are retired at on February x right after the second payment is made.
Prepare the necessary journal entry for the retirement on February x
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