Travel In Style Limited issued $1,000,000 of 9% bonds on September 1, 2020, for $1,058,671. The term
Question:
Travel In Style Limited issued $1,000,000 of 9% bonds on September 1, 2020, for $1,058,671. The term of the bonds is September 1, 2020, to September 1, 2028, with interest payable quarterly each December 1, March 1, June 1, and September 1. The company uses the effective interest method with an effective rate of 8%.
(a) Prepare the company's journal entry for the September 1 issuance.
(b) Prepare the company's journal entry for the December 1 interest payment.
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a Cash 1058671 Bonds Payable 105...View the full answer
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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