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Category > Accounting Posted 10 May 2017 My Price 6.00

Addison Incorporated issued $200,000 of 13% bonds on

Addison Incorporated issued $200,000 of 13% bonds on July 1, 2007 for $206,801.60. The bonds were dated January 1, 2007, pay interest on each June 30 and December 31, are due December 31, 2011, and were issued to yield 12%. The company uses the effective interest method of amortization.
Required
Prepare the journal entries to record the issue of the bonds on July 1, 2007, and the interest payments on December 31, 2007 and June 30, 2008.

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Alpha Geek
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Status NEW Posted 10 May 2017 01:05 PM My Price 6.00

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Attachments

file 1494424747-257686_1_636299436572047023_257686.xlsx preview (141 words )
Ad-----------dis-----------on -----------Inc-----------orp-----------ora-----------ted----------- is-----------sue-----------d $-----------200-----------,00-----------0 o-----------f 1-----------3% -----------bon-----------ds -----------on -----------Jul-----------y 1-----------, 2-----------007----------- fo-----------r $-----------206-----------,80-----------1.6-----------0. -----------The----------- bo-----------nds----------- we-----------re -----------dat-----------ed -----------Jan-----------uar-----------y 1-----------, 2-----------007-----------, p-----------ay -----------int-----------ere-----------st -----------on -----------eac-----------h J-----------une----------- 30----------- an-----------d -----------Dec-----------emb-----------er -----------31,----------- ar-----------e d-----------ue -----------Dec-----------emb-----------er -----------31,----------- 20-----------11,----------- an-----------d w-----------ere----------- is-----------sue-----------d t-----------o y-----------iel-----------d 1-----------2%.----------- Th-----------e c-----------omp-----------any----------- us-----------es -----------the----------- ef-----------fec-----------tiv-----------e i-----------nte-----------res-----------t m-----------eth-----------od -----------of -----------amo-----------rti-----------zat-----------ion-----------.Re-----------qui-----------red-----------Pre-----------par-----------e t-----------he -----------jou-----------rna-----------l e-----------ntr-----------ies----------- to----------- re-----------cor-----------d t-----------he -----------iss-----------ue -----------of -----------the----------- bo-----------nds----------- on----------- Ju-----------ly -----------1, -----------200-----------7, -----------and----------- th-----------e i-----------nte-----------res-----------t p-----------aym-----------ent-----------s o-----------n D-----------ece-----------mbe-----------r 3-----------1, -----------200-----------7 a-----------nd -----------Jun-----------e
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