Question
Please I need the answer ASAP 3.On May 1,2020, Phantom Company purchased 450,000 of 12% bonds, interest payable on January 1 and July 1, for
Please I need the answer ASAP
3.On May 1,2020, Phantom Company purchased 450,000 of 12% bonds, interest payable on January 1 and July 1, for $422,800 plus accrued interest. The bonds mature on January 1,2026. Amortization is recorded when interest is received by the straight line method (by months and round to the nearest dollar). Assume bonds are available for sale.
- Prepare the entry for May 1,2020.
- The bonds are sold on August 1, 2021 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale.
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
978-0133052312
