Madrid Company plans to issue 11% bonds with a par value of $5,900,000. The company sells $5,310,000
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Madrid Company plans to issue 11% bonds with a par value of $5,900,000. The company sells $5,310,000 of the bonds at par on January 1. The remaining $590,000 sells at par on July 1. The bonds pay interest semiannually on June 30 and December 31. 1. Record the entry for the first interest payment on June 30. 2. Record the entry for the July 1 cash sale of bonds.
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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