On september 1,2017, Erving corporation issued $1,000,000, 6%,10years bonds. Interest is payabpe annually with the first payment

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On september 1,2017, Erving corporation issued $1,000,000, 6%,10years bonds. Interest is payabpe annually with the first payment due on September 1,2018 and the market rate is 5%.

d) prepare jounal entry on Sep 1,2018 to record the first interest payment.

e)Assume the bonds were redeemed for $1,050,000 at September 31,2020 when the amortized cost was $1,035,000. Record the redemption of the bonds.

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Modern Advanced Accounting in Canada

ISBN: 978-1259087554

8th edition

Authors: Hilton Murray, Herauf Darrell

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Posted Date: Dec 08, 2022 02:40 AM

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On september 1,2017, Erving corporation issued $1,000,000, 6%,10years bonds. Interest is payabpe annually with the first payment

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d To record the first interest payment on September 1 2018 Debit Interest ... View the full answer

Modern Advanced Accounting in Canada

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