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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 48
Journalizing bond transactions
Worthington Mutual Insurance Company issued a $50,000, 5%, 10-year bond payable at a price of 108 on January 1, 2012.
Requirements
1. Journalize the issuance of the bond payable on January 1, 2012.
2. Journalize the payment of semiannual interest and amortization of the bond discount or premium, on July 1, 2012, using the straight-line method to amortize the bond discount or premium.
Worthington Mutual Insurance Company issued a $50,000, 5%, 10-year bond payable at a price of 108 on January 1, 2012.
Requirements
1. Journalize the issuance of the bond payable on January 1, 2012.
2. Journalize the payment of semiannual interest and amortization of the bond discount or premium, on July 1, 2012, using the straight-line method to amortize the bond discount or premium.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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