Rockwell Corporation issued $2 million of 5-year, 3% bonds dated January 1, 2024, at 100. Interest is

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Rockwell Corporation issued $2 million of 5-year, 3% bonds dated January 1, 2024, at 100. Interest is payable semi-annually on January 1 and July 1. Rockwell has a December 31 year end.

a. Prepare the journal entry to record the sale of these bonds on January 1, 2024.

b. Prepare the journal entry to record the first interest payment on July 1, 2024.

c. Prepare the adjusting journal entry on December 31, 2024, to accrue the interest expense.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jan 27, 2023 03:03 AM

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Rockwell Corporation issued $2 million of 5-year, 3% bonds dated January 1, 2024, at 100. Interest is

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Accounting Principles Volume 2

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