Question
On January 2, 2017 the city of Namtip issued at 101 some 30-year, 3% term bonds with a face amount of $50,000,000. Interest is paid
On January 2, 2017 the city of Namtip issued at 101 some 30-year, 3% term bonds with a face amount of $50,000,000. Interest is paid semi-annually on June 30th and December 31st. The city has a policy of amortizing of any premium or discount at the end of the fiscal year using the straight-line method over the term of the bond.
What are the journal entries to record this?
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp, Sherif Elbarrad
2nd Canadian edition
133375536, 9780133845396, 133845397, 978-0133375534
