Question
On the first day of the fiscal year, a company issues a $7,100,000, 12%, 9-year bond that pays semiannual interest of $426,000 ($7,100,000 12% ),
On the first day of the fiscal year, a company issues a $7,100,000, 12%, 9-year bond that pays semiannual interest of $426,000 ($7,100,000 12% ), receiving cash of $7,929,961.
Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
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Principles Of External Auditing
Authors: Brenda Porter, Jon Simon, David Hatherly
1st Edition
0471962120, 978-0471962120
