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F. On April 1, Turner Inc. issued $1,000,000 of 10-year, 11% bonds, with interest payable semiannually on April 1 and October 1 at an effective
F. On April 1, Turner Inc. issued $1,000,000 of 10-year, 11% bonds, with interest payable semiannually on April 1 | |||||||
and October 1 at an effective interest rate of 12%, receiving cash of $942,645. Journalize the entries to record | |||||||
the following selected transactions for the current year: | |||||||
Apr. 1. Sold the bonds. | |||||||
Oct. 1. Paid the first semiannual interest payment. | |||||||
Oct. 1. Amortized $2,868 of the Discount. | |||||||
JOURNAL | PAGE | ||||||
DATE | DESCRIPTION | POST REF. | DEBIT | CREDIT | |||
1 | 1 | ||||||
2 | 2 | ||||||
3 | 3 | ||||||
4 | 4 | ||||||
5 | 5 | ||||||
6 | 6 | ||||||
7 | 7 | ||||||
8 | 8 |
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