On January 1, 2014, Noah Unlimited issues 9%, 20-year bonds payable with a face value of $
Question:
On January 1, 2014, Noah Unlimited issues 9%, 20-year bonds payable with a face value of $ 200,000. The bonds are issued at 103 and pay interest on June 30 and December 31.
Requirements
1. Journalize the issuance of the bonds on January 1, 2014.
2. Journalize the semiannual interest payment and amortization of bond premium on June 30, 2014.
3. Journalize the semiannual interest payment and amortization of bond premium on December 31, 2014.
4. Journalize the retirement of the bond at maturity. (Give the date.)
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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