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Could someone help me solve this using the effective interest method instead of the straight line? It's for a Cybertext accounting project December 31: On
Could someone help me solve this using the effective interest method instead of the straight line? It's for a Cybertext accounting project
| December 31: On January 1, Byte received $139,670.70 when they issued a $130,000.00, 7%, ten-year bond. Interest is to be paid semiannually on June 30 and December 31. The market rate was 6%. This entry was never recorded. |
| December 31: Check # 5367 was issued on June 30 for the timely interest payment for the bond. Record the entry using the straight-line method. This entry was never recorded. |
| December 31: Check # 6011 was issued on December 31st for the timely interest payment for the bond. Record the entry using the straight-line method. |
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Accounting Information Systems
Authors: James A. Hall
5th Edition
0324312954, 9780324312959
