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PLEASE HELP ME TO SOLVE PART D&F, THANKS! Waterway Limited issued $3,500,000 of 10 -year, 8% bonds on January 1,2024 , when the market interest
PLEASE HELP ME TO SOLVE PART D&F, THANKS!
Waterway Limited issued $3,500,000 of 10 -year, 8% bonds on January 1,2024 , when the market interest rate was 9%. Waterway received $3,272,352 when it issued these bonds. Interest is payable semi-annually on July 1 and January 1 . Waterway has a December 31 year end. Assuming instead that the company had a year end of November 30, 2024, record the adjusting entry that Waterway would record at that year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Your answer is partially correct. Following from the information in the above part, record the journal entry for the payment of interest on January 1, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)Step by Step Solution
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