On January 1, 2018, Hogan Enterprises issued 8%, 20-year bonds with a face amount of $3,000,000 at 101. Interest is payable annually on January 1.
Instructions
Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses straight-line amortization.

Question

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The Answer of On January 1, 2018, Hogan Enterprises issued 8%, 20-year bonds with a face amount of $3,000,000 at 101. Interest is payable annually on January 1.
Instructions
Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses straight-line amortization.

On January 1, 2018, Hogan Enterprises Issued 8%, 20-Year Bonds