Allman Inc. issues $2 million. 5-year, 10% bonds at 102. with interest payable on July 1 and
Question:
Allman Inc. issues $2 million. 5-year, 10% bonds at 102. with interest payable on July 1 and January 1. The straight-line method is used to amortize bond premium.
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2006.
(b) Prepare the journal entry to record interest expense and bond premium amortization on Julv 1. 2006. assuming no previous accrual of interest.
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Related Book For 
Financial Accounting Text Only
ISBN: 9780006575405
5th Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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