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Answer please as soon as possible (step by step and explain). On January 1, Banner Corporation issues $1,000,000, 10-year, 10% bonds at 105 with interest
Answer please as soon as possible (step by step and explain).
On January 1, Banner Corporation issues $1,000,000, 10-year, 10% bonds at 105 with interest payable on January 1. The carrying value of the bonds, using straight-line amortization, at the end of the second interest period is: a. $960,000. b. $1,000,000. c. $1,040,000. d. $1,050,000. Notification by the bank that an out of town Note Receivable was collected from a customer with Interest for the company would require the company to make the following adjusting entry: a. Notes Receivable Cash b. Cash Notes Receivable Cash Notes Receivable Interest Earned d. No adjusting entry is necessary. CStep by Step Solution
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