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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 18
Journalizing bond issuance and interest payments
On June 30, Dogwood Limited issues 8%, 20-year bonds payable with a maturity value of $1.30,000. The bonds sell at 94 and pay interest on June 30 and December 31. Dogwood amortizes bond discount by the straight-line method.
Requirements
1. Journalize the issuance of the bonds on June 30.
2. Journalize the semiannual interest payment and amortization of bond discount on December 31.
On June 30, Dogwood Limited issues 8%, 20-year bonds payable with a maturity value of $1.30,000. The bonds sell at 94 and pay interest on June 30 and December 31. Dogwood amortizes bond discount by the straight-line method.
Requirements
1. Journalize the issuance of the bonds on June 30.
2. Journalize the semiannual interest payment and amortization of bond discount on December 31.
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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