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Category > Accounting Posted 03 May 2017 My Price 3.00

Issuing bonds at face amount

PE 12-2b Issuing bonds at face amount                                                            

On January 1, the first day of the fiscal year, a company issues a $800,000, 4%, 10-year bond that pays semiannual interest of $16,000 ($800,000 3 4% 3 ½ year), receiving cash of $800,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date.

 

 

 

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Alpha Geek
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Status NEW Posted 03 May 2017 02:05 PM My Price 3.00

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file 1493823504-answer1.docx preview (91 words )
P-----------E 1-----------2-2-----------b -----------Iss-----------uin-----------g b-----------ond-----------s a-----------t f-----------ace----------- am-----------oun-----------t ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â ----------- Â----------- Â -----------ObJ-----------. -----------3 -----------On -----------Jan-----------uar-----------y 1-----------, t-----------he -----------fir-----------st -----------day----------- of----------- th-----------e f-----------isc-----------al -----------yea-----------r, -----------a c-----------omp-----------any----------- is-----------sue-----------s a----------- $8-----------00,-----------000-----------, 4-----------%, -----------10------------yea-----------r b-----------ond----------- th-----------at -----------pay-----------s s-----------emi-----------ann-----------ual----------- in-----------ter-----------est----------- of----------- $1-----------6,0-----------00 -----------($8-----------00,-----------000----------- 3 -----------4% -----------3 Â-----------½ y-----------ear-----------), -----------rec-----------eiv-----------ing----------- ca-----------sh -----------of -----------$80-----------0,0-----------00.----------- Jo-----------urn-----------ali-----------ze -----------the----------- en-----------tri-----------es -----------to -----------rec-----------ord----------- (a-----------) t-----------he -----------iss-----------uan-----------ce -----------of -----------the----------- bo-----------nds-----------, (-----------b) -----------the-----------
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