Goodland Inc. has outstanding ($ 1) million, 10 -year, (12 %) bonds with interest payable on July
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Goodland Inc. has outstanding \(\$ 1\) million, 10 -year, \(12 \%\) bonds with interest payable on July 1 and January 1. The bonds were dated January 1, 1996, but were issued on May 1, 1996, at face value plus accrued interest.
(a) Prepare the journal entry to record the sale of the bonds on May 1, 1996.
(b) Prepare the journal entry to record the interest payment on July 1, 1996.
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Related Book For 
Financial Accounting
ISBN: 9780471169208
2nd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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