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    wiksonangielive's Avatar
    wiksonangielive Posts: 1, Reputation: 1
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    #1

    Mar 3, 2011, 07:57 AM
    accounting for bonds
    On October 1, 2010, NLC Company issued $3,000,000 par value, 10%, 10-year bonds
    dated July 1, 2010, with interest payable semi-annually on January 1 and July 1. The
    bonds are issued at $3,406,500 (to yield 8%) plus accrued interest. The effective interest
    method is used.
    (a) Prepare the journal entry at the date the bonds are issued.
    (b) Prepare the adjusting entry at December 31, 2010, the end of the fiscal year.
    (c) Prepare the entry for the interest payment on January 1, 2011.
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    kcomissiong Posts: 1,166, Reputation: 276
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    Mar 18, 2011, 07:41 AM
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