Question
Madrid Company plans to issue 11% bonds with a par value of $5,900,000. The company sells $5,310,000 of the bonds at par on January 1.
Madrid Company plans to issue 11% bonds with a par value of $5,900,000. The company sells $5,310,000 of the bonds at par on January 1. The remaining $590,000 sells at par on July 1. The bonds pay interest semiannually on June 30 and December 31. 1. Record the entry for the first interest payment on June 30. 2. Record the entry for the July 1 cash sale of bonds.
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
