The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable.
Question:
The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2021, at par.
Requirements
1. Journalize the following transactions:
a. Issuance of half of the bonds on May 31, 2021
b. Payment of interest on November 30, 2021
c. Accrual of interest on December 31, 2021
d. Payment of interest on May 31, 2022
2. Report interest payable and bonds payable as they would appear on the company’s balance sheet at December 31, 2021.
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Req 1 Req 2 Reporting the liabilities on the balance ...View the full answer
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