On January 1, 2024, Electricians Credit Union (ECU) issued 8%, 20-year bonds payable with face value of
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On January 1, 2024, Electricians Credit Union (ECU) issued 8%, 20-year bonds payable with face value of $400,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 104.
Journalize the following bond transactions:
a. Issuance of the bonds on January 1, 2024.
b. Payment of interest and amortization on June 30, 2024.
c. Payment of interest and amortization on December 31, 2024.
d. Retirement of the bond at maturity on December 31, 2043, assuming the last interest payment has already been recorded.
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Date 2024 Jan 1 Jun 30 Dec 31 2043 Dec 31 Accounts and ...View the full answer
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Related Book For 
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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