Question
On January 1, 2024, Legion Company sold $220,000 of 12% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were
On January 1, 2024, Legion Company sold $220,000 of 12% ten-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were sold for $196,693, priced to yield 14%. Legion records interest at the effective rate.
Legion should pay cash interest for the six months ended June 30, 2024, in the amount of:
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Gleim CIA Review Part 2 Practice Of Internal Auditing
Authors: Irvin N. Gleim
2020 Edition
1618542648, 978-1618542649
