Coffman Company issued $1,000,000, 10-year, 4.5 percent bonds on January 1, 2018. The bonds sold for $940,000.
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Coffman Company issued $1,000,000, 10-year, 4.5 percent bonds on January 1, 2018. The bonds sold for $940,000. Interest is payable semi-annually each June 30 and December 31. Record the sale of the bonds on January 1, 20181 and the payment of interest on June 30, 2018, using effective-interest amortization. The yield on the bonds is 5 percent.
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Related Book For 
Financial Accounting
ISBN: 978-1259105692
6th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling
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