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Home > Business & Careers > Accounting   »   accrued interest

 
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Old Feb 17, 2007, 09:13 AM
MICHAEL2
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accrued interest

On march 1, 2006, Brown-Ferring Corporation issued$100 million of 12% abonds, dated january 1,2006, for $99 million(plus accrued interest). The bonds mature on December 31,2025, and pay interest semiannually on June 30 and December 31, Brown -Ferring's fiscal period is the clanedar year.

1. Determine the amount of accrued interest that was included in the proceeds recieved from the bond sale.

2. Prepare the journal entry for the issuance of the bonds by Brown-Ferring.

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