Bond premium; bonds payable transactions
Beaufort Vaults Corporation produces and sells burial vaults. On July 1. 20Y3. Beaufort Vaults Corporation issued $25000000 of 10-year. 8% bonds at par. Inkiest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.
Instructions
Illustrate the effects first semiannual interest payment on December 31,20Y3, on the accounts and financial statements.
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