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NEED IN THE NEXT 15 MINUTES TIMED ASSIGNMENT PLEASE AND THANK YOU!! On January 1, 2020, Kingbird Corporation issued $630,000 of 9% bonds, due in
NEED IN THE NEXT 15 MINUTES TIMED ASSIGNMENT PLEASE AND THANK YOU!!
On January 1, 2020, Kingbird Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $672,812, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry, Kingbird uses the effective-interest method. (Round intermediate calculations to 6 decimal places. c. 1.251247 and final answer to decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Jan. 1.2020 Cash 672812 Discount on Bonds Payable 42812 Bonds Payable 630000 July 1, 2020 ( Interest Expense Discount on Bonds Payable Cash Dec 31, 2020 Interest Expense Discount on Bonds Puyable Interest Payable Step by Step Solution
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