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On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued when the market interest
On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued when the market interest rate was 6% and pay interest on January 31 and July 31. Issuing price is 10,530,839. Daughtry Logistics, Inc., amortizes bond discounts by the effective interest method. Requirement a. Record issuance of the bonds on January 31. (5 Marks) b. Record the semi-annual interest payment and amortization of bond discount on July 31. (5 Marks) c. Record the interest accrual and discount amortization on December 31
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