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Please see attachment; I need assistance with bonds and interest. On February 28, 2012, Marlin Corp. issues 8%, 10year bonds payable with a face value
Please see attachment; I need assistance with bonds and interest.
On February 28, 2012, Marlin Corp. issues 8%, 10year bonds payable with a face value of $900,000. The bonds pay interest on February 28 and August 31. Marlin Corp. amortizes bonds by the straightline method. 3. Assume that the issue price of the bonds is 99. Journalize the following bonds payable transactions. a Issuance of the bonds on February 28, 2012. . b Payment of interest and amortization of the bonds on August 31, 2012. . c. Accrual of interest and amortization of the bonds on December 31, 2012, the year end. d Payment of interest and amortization of the bonds on February 28, 2013. . 4. Report interest payable and bonds payable as they would appear on the Marlin Corp. balance sheet at.December 31, 2012Step by Step Solution
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