Miltons bonds pay interest semiannually on July 1 and January 1. If its fiscal year ends on
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Milton’s bonds pay interest semiannually on July 1 and January 1. If its fiscal year ends on September 30, which statement is true of Milton’s year-end adjusting journal entry for bond interest?
a. Milton must record three month’s accrued interest expense and amortize three month’s discount or premium.
b. Milton will record nine month’s accrued interest expense and amortize nine month’s discount or premium.
c. Milton must record three month’s accrued interest expense only.
d. Milton will record nine month’s accrued interest expense and amortize three month’s discount or premium.
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