Question
On Jan 1, Larry Inc. issues bonds dated January 1 with a par value of $250,000. The bonds mature in 5 years. The contract rate
On Jan 1, Larry Inc. issues bonds dated January 1 with a par value of $250,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $260,148. The journal entry to record the issuance of the bond is:
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College Accounting A Practical Approach 1-15
Authors: Jeffrey Slater
4th Edition
013142050X, 978-0131420502
