Ratzlaff Company issues $2 million, 10-year, 8% bonds at 97, with interest payable on January 1. Instructions
Question:
Ratzlaff Company issues $2 million, 10-year, 8% bonds at 97, with interest payable on January 1.
Instructions
a. Prepare the journal entry to record the sale of these bonds on January 1, 2020, using GAAP.
b. Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds on January 1, 2020, using GAAP.
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a Jan 1 Cash 2000000 X 97 1940000 Discount on Bonds Payabl...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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