Cornerstone Exercise Issued at a Discount (Effective Interest)
Refer to the information for Crafty Corporation above.
Required:
Prepare the journal entry for December 31, 2020 and 2021.
Use the following information for cornerstone Exercises 9-35 and 9-36:
Cookie Dough Corporation issued $850,000 in 9%, 10-year bonds (payable on December 30, 2030) on
January 1, 2021, for $907,759. Interest is paid on June 30 and December 31. The market rate of interest is 8%.
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