Oxford Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The
Question:
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2014.
(b) Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2014, assuming no previous accrual of interest.
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a Jan 1 Cash 102 X 4000000 4080000 Bonds Pay...View the full answer
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Related Book For 
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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