| Bonds Payables Journal Entries
Company A whose fiscal year is the calendar year :
2005
July 1.Issued $ 15,000,000 of 5 year, 14 % callable bonds dated july 1, 2005,at an effective rate of 12%, receiving cas of $16,104,095.Interest is payable semiannually on Dec. 31 and June 30.
Is this ok?
July 1 Cash 16,140,95 DT
Premium on Bond payable 1,104,095CT
Bonds Payable 15,000,000
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