Question
On December 31, 20X1, Loon Company issues $2,000,000 face value, 5%, 5-year bonds. Interest is paid semiannually each June 30 & December 31. The bonds
On December 31, 20X1, Loon Company issues $2,000,000 face value, 5%, 5-year bonds. Interest is paid semiannually each June 30 & December 31. The bonds sell at a price of101; Loon uses the straight-line method of amortizing bond discount/premium.
Record the entry when the bonds are issued.
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Managerial Accounting
Authors: Peter Clarke
2nd Edition
9781907214240
