A local accounting firm, issues $2,000,000 of 10-year, 8% bonds dated January 1, 2020. Interest is payable semi-annually on January 1 and July 1 each
A local accounting firm, issues $2,000,000 of 10-year, 8% bonds dated January 1, 2020. Interest is payable semi-annually on January 1 and July 1 each year. The proceeds realized from the issue were the $1,801,367 sales price less the $20,000 fee charged by Mind the GAAP's investment bank. Mind the GAAP's fiscal year-end is December 31.
What would Mind the GAAP debit to interest expense on July 1, 2020 (subsequent measurement)?
ENTER A NUMBER ONLY. Do not use $, commas, or +/- in your answer.
Please do not round intermediary calculations. Round final answer to nearest dollar
Step by Step Solution
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Solution To calculate the debit to interest expense on July 1 2020 we need to determine the interest ...
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Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
