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Please answer question fast will leave great review ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 10: Long-Term Liabilities (Ch 10) Part A: Bonds Payable (Premium)
Please answer question fast will leave great review
ACC1810 - PRINCIPLES OF FINANCIAL ACCOUNTING Project 10: Long-Term Liabilities (Ch 10) Part A: Bonds Payable (Premium) STUDENT LAST NAME: STUDENT FIRST NAME: On the July 1, 2021, Trials Corporation issued $17,500,000 of five -year, 12% bonds to finance its operations. The bonds were issued at a market (effective) interest rate of 10%, resulting in Trials Corporation receiving cash of $18,851,252. Interest is payable semiannualy on 12/31 and 6/30. The company uses the straight-line method to amortize the bond discount. REQUIRED: Journalize the entries to record the following: 07/01/21 - issuance of the bonds 12/31/21 - the first semiannual interest payment, including amortization of the bond discount. Round to the nearest dollar. 06/30/22 - the second semiannual interest payment, induding amortization af the bond discount. Round to the nearest dollarStep by Step Solution
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