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please answer quickly...very limited time Exercise 8-7 on January 1, Pharoah Company issued $422,000, 7%, 10-year bonds at face value. Interest ls payable annually on
please answer quickly...very limited time
Exercise 8-7 on January 1, Pharoah Company issued $422,000, 7%, 10-year bonds at face value. Interest ls payable annually on January 1 Prepare a tabular summary to record the following events. (a) The Issuance of the bonds. (b) The accrual of interest on December 31. (c) The payment of interest on January 1. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Assets Retained Earnings Bonds pay. +Interest pay. +Common Stock + Revenue Expense Dividend - (a) Jan.1 S (b) Dec. 31 Interest expense (c) Jan. 1Step by Step Solution
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