Question
: Fish All Day, LLC issues 8%, 20-year bonds with a par value of $500,000 on January 2 when the market rate is 9%. The
: Fish All Day, LLC issues 8%, 20-year bonds with a par value of $500,000 on January 2 when the market rate is 9%. The company pays interest semi-annually on June 30 and December 31. Fish All Day, LLC received $480,000 at issuance. Prepare the journal entries to record the issuance of the bond and the first interest payment using straight-line amortization. (Round to the dollar) (23 points)
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Accounting A Smart Approach
Authors: Mary Carey, Cathy Knowles, Jane Towers-Clark
3rd Edition
0198745133, 978-0198745136
