Morris Corporation issued $250,000 of 11%, 20-year bonds at 88 on March 1, 201X, with semiannual interest

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Morris Corporation issued $250,000 of 11%, 20-year bonds at 88 on March 1, 201X, with semiannual interest payable on March 1 and September 1. Amortization of discount is by the straight-line method.

Record the journal entries for the following:

a. Issuance of bonds.

b. Semiannual interest payment on September 1 and amortization of discount.

c. Retirement of bonds at maturity.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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