Hardy Corporation had the following bond issue: Date of issue/sale:May 1, 20-APrincipal:$500,000Sale price of bonds:100Life of bonds:10
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Question:
Hardy Corporation had the following bond issue:
Date of issue/sale:May 1, 20-APrincipal:$500,000Sale price of bonds:100Life of bonds:10 yearsStated rate:6% a year payable semiannually on October 31 and April 30
Instructions:Prepare the following general journal entries.
- The issuance of the bonds on May 1, 20-A.
- The first interest payment for 20-A.
- The adjusting entry for December 31, 20-A.
- The reversing entry for January 1, 20-B.
If an amount box does not require an entry, leave it blank.
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