Question: Jones & Co. issued on January 1, 2019, $8,000,000 of 10 year 7% bonds at 102. The bonds pay interest annually. (A) prepare the entry

Jones & Co. issued on January 1, 2019, $8,000,000 of 10 year 7% bonds at 102.

The bonds pay interest annually.
(A) prepare the entry to record the issuance of the bonds
(B) Prepare the entry to record the accrual of the interest, and the amortization of the premium, at December 31, 2019
(C) On July 1, 2022, the company redeemed the bonds at 99. Record the entry to redeem the bonds, (Be VERY CAREFUL with the dates and amortization of the premium)

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A To record the issuance of the bonds the journal entry would be Debit Cash 8000000 x 102 816000... View full answer

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