Question
On January 1, Year 1, Price Company issued $328,000 of five-year, 7 percent bonds at 97. Interest is payable annually on December 31. The discount
On January 1, Year 1, Price Company issued $328,000 of five-year, 7 percent bonds at 97. Interest is payable annually on December 31. The discount is amortized using the straight-line method.
Required
Prepare the journal entries to record the bond transactions for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Business Accounting An Introduction To Financial And Management Accounting
Authors: Jill Collis, Roger Hussey, Andrew Holt, Holt Collis, J. Collis
2nd Edition
0230276237, 978-0230276239
