Maurice Tutor

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Category > Management Posted 04 May 2018 My Price 7.00

Agatha Corp

During 2016 and 2017, Agatha Corp. completed the following transactions relating to its bond issue. The corporation’s fiscal year is the calendar year.

2016
Jan. 1

Issued $270,000 of 8-year, 5 percent bonds for $258,000. The annual cash payment for interest is due on December 31.
Dec. 31

Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest.
Dec. 31 Closed the interest expense account.
2017
Dec. 31

Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest.
Dec. 31 Closed the interest expense account.

Question: Prepare the journal entries for the above transactions

Answers

Maurice Tutor
(5)
Status NEW Posted 04 May 2018 08:05 PM My Price 7.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------

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