Question
On January 1, 2017 XYZ Company issued $4,000,000, 10.5%, 10 year bonds, interest payable annually, every January 1, bonds yield 10%. a) Prepare journal entries
On January 1, 2017 XYZ Company issued $4,000,000, 10.5%, 10 year bonds, interest payable annually, every January 1, bonds yield 10%.
a) Prepare journal entries to record the bonds issuance on January 1 2017. b) Prepare a bond amortization schedule January 1, 2017 - January 1, 2021. c) If on July 1, 2020, XYZ Company withdrew half the bonds with price of $2,130,000 plus accrued interest, prepare the journal entries for recording the transaction.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
