On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays semiannual interest of $272,000 ($6,800,000 x 8% x ½), receiving cash of $5,952,570. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.
On the first day of the fiscal year, a company issues a $6,800,000, 8%, 10-year bond that pays semiannual interest of $272,000 ($6,800,000 x 8% x ½), receiving cash of $5,952,570. Journalize the entry to record the issuance of the bonds. If an amount box does not require an entry, leave it blank.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 8MC: On October 1 a company sells a 3-year, $2,500,000 bond with an 8% stated interest rate. Interest is...
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