Question
Needee Corp. issued $200,000 of 9%, 10-year bonds on April 1, 2020. The bonds sold for $208,000. interest is paid on Oct. 1 and Apr.
Needee Corp. issued $200,000 of 9%, 10-year bonds on April 1, 2020. The bonds sold for $208,000. interest is paid on Oct. 1 and Apr. 1. Straight-line amortization is used.
a) Prepare the journal entry to record the bond issuance on April 1.
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b) Prepare the journal entries for interest and amortization required on Oct. 1 and Dec. 31, 2020.
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Complex Systems And Sustainability In The Global Auditing Consulting And Credit Rating Agency Industries
Authors: Michael I. C. Nwogugu
1st Edition
1799874192, 978-1799874195
