Question
General Electric (GE) issued a $4,000,000 bond payable with a stated interest rate of 7% annually. Calculate the amount of interest expense for the first
General Electric (GE) issued a $4,000,000 bond payable with a stated interest rate of 7% annually. Calculate the amount of interest expense for the first year and provide the journal entry to record the interest expense.
Requirements:
- Calculate the amount of interest expense for the first year.
- Provide the journal entry to record the interest expense.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
