Gaudette Inc. issued 3-year, 12-per cent bonds on January 1, 2016, the date of bond authorization. Semi-annual
Question:
Gaudette Inc. issued 3-year, 12-per cent bonds on January 1, 2016, the date of bond authorization. Semi-annual interest is payable on June 30 and December 31. Gaudette uses the straight-line method of amortization. The following journal entry records the payment of interest on December 31, 2016:
2016
Dec. 31 Interest Expense Premium on Bonds Cash | 17,900 100 18,000 |
Required: Reconstruct the entry made to record the issuance of bonds on January 1, 2016.
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Premium 100 126 3 years 600 Bonds ...View the full answer
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Related Book For 
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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