Question
Blossom Company sold $3,100,000,7%,10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses
Blossom Company sold $3,100,000,7%,10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
(a)
Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1)101and (2)95.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
