On January 1, 2020, Ivanhoe Company issued $397,000, 5%, 5-year bonds at face value. Interest is payable
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Question:
On January 1, 2020, Ivanhoe Company issued $397,000, 5%, 5-year bonds at face value. Interest is payable annually on January 1.
a. Prepare the journal entry to record the issuance of the bonds.
b. Prepare the journal entry to record the accrual of interest on December 31, 2020.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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