On January 1, the first day of the fiscal year, a company issues a $1,500,000, 11%, five-year
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On January 1, the first day of the fiscal year, a company issues a $1,500,000, 11%, five-year bond that pays semiannual interest of $82,500 ($1,500,000 x 11% x ½), receiving cash of $1,604,070.
Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles.
Related Book For
Corporate Financial Accounting
ISBN: 978-1285868783
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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