NOTES SOLD AFTER THE BEGINNING OF THE YEAR. Haus Corporation sold a 10-year, $120,000, 10% note issue
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NOTES SOLD AFTER THE BEGINNING OF THE YEAR. Haus Corporation sold a 10-year, $120,000, 10% note issue on April 1, 19x6, at a $5,000 premium. Interest payments are to be made on September 30 and March 31 of each year. Haus’ fiscal year ends December 31.
REQUIRED:
1. Prepare the entry to recognize the interest expense and payment on September 30, 19x6.
2. Prepare the adjusting entry for interest expense on December 31, 19x6.
3. Prepare the entry to recognize interest expense and payment on March 31, 19x’.
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