EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134487212
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Chapter 14, Problem P14.42BPGB
Analyzing and journalizing bond transactions
Learning Objectives 2, 3, 4 June 30 Interest Expense $15,600
On January 1,2018, Electricians Credit Union (ECU) issued 8%, 20-year bonds payable with face value of $400,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 104.
Journalize the following bond transactions:
- Issuance of the bonds on January 1,2018.
- Payment of interest and amortization on June 30, 2018.
- Payment of interest and amortization on December 31,2018.
- Retirement of the bond at maturity on December 31,2037, assuming the last interest payment has already been recorded.
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Chapter 14 Solutions
EBK HORNGREN'S ACCOUNTING
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