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Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for six months. The amortization was determined using the straight-line method. The information from (c) is Issued $8,000,000 of 10-year, 7% bonds at 110, with interest payable...
On April 1, 2007, my company issued $3000000, 8%, 10-year bonds at 95. The bonds pay interest each October1 and April 1 and the corporation uses the straight line method to amortize discount. Prepare entries for the issue of the bonds, for the first interest payment and for the adjusting entry on...
Hi, if anyone could check out what I have done so far and let me know if I am going down the right track. Prepare journal entries to record the following transactions relating to long-term bonds of Grier, Inc. (Show computations.) a) On June 1, 2006, Grier, Inc. issued $600,000, 6% bonds for...
On the first day of its fiscal year. Ellis co. issued $12000000 of five year, 10% bonds to finance its operations of producing and selling home improvements products. Interest is payable semiannually. The bonds were issued at an effective interest rate of 12%, resulting in Ellis company receiving...
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