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answer for part b please Tarawa Limited issued $1,140,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa
answer for part b please
Tarawa Limited issued $1,140,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,055,203 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end. (a) Your answer has been saved and sent for grading. See Gradebook for score details. Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cash 1055203 Bonds Payable 1055203 SHOW LIST OF ACCOUNTS Attempts: 1 of 1 used (b) Record the payment of interest on July 1. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Interest Expense Bonds Payable Cash 28500Step by Step Solution
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