On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000.
Question:
(a) Issuance of the bonds on January 31,
(b) The semiannual interest payment and amortization of bond discount on July 31
(c) The interest accrual and discount amortization on December 31.
Face Value
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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Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT a Jan 31 Cash 11000000 095 10450000 ...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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