Question
On January 1, the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000
On January 1, the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 11% ), receiving cash of $2,889,599.
Journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles.
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Cost Estimating
Authors: Rodney D. Stewart
2nd Edition
0471857076, 978-0471857075
