For each of the four independent situations below, prepare a single journal entry that summarizes the recording and payment of interest and determine the amount of cash paid for bond interest. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Interest Journal Calculate the amount of cash paid for bond interest. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Interest Interest Payable Increase (Decrease) Unamortized Discount Cash Paid for Situation Expense Increase (Decrease) Interest 1 36 36.0 36 7.2 28.8 3 36 (10.8) 25.2 4 36 (7.2) (10.8) 32.4

For each of the four independent situations below, prepare a single journal entry that summarizes the recording and payment of interest and determine the amount of cash paid for bond interest. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Interest Journal Calculate the amount of cash paid for bond interest. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Interest Interest Payable Increase (Decrease) Unamortized Discount Cash Paid for Situation Expense Increase (Decrease) Interest 1 36 36.0 36 7.2 28.8 3 36 (10.8) 25.2 4 36 (7.2) (10.8) 32.4

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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