Vindaloo Corp. issues a new set of 8 percent, 20-year bonds in the amount of $1,500,000 on
Question:
Vindaloo Corp. issues a new set of 8 percent, 20-year bonds in the amount of $1,500,000 on February 1, 2020. The bonds sell at 102.00 and pay interest on January 31 and July 31.
Required
Record
(a) The issuance of the bonds on February 1,
(b) The payment of interest on July 31,
(c) The accrual of interest on December 31,
(d) The payment of interest on January 31, 2021. Assume Vindaloo Corp. amortizes the premium by the straight-line method.
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Answer a Company is selling bond of face value 100 at 102 ...View the full answer
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