The Dorset Corporation issued $600,000 of 13% bonds on January 1, 2009 for $614, 752.24. They are
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The Dorset Corporation issued $600,000 of 13% bonds on January 1, 2009 for $614, 752.24. They are due December 31, 2011,were issued to yield 12%, and pay interest semiannually on June 30 and December 31. The company uses the effective interest method.
1. Prepare a bond interest expense and premium amortization schedule.
2. Assume the company retired the bonds on September 30, 2011 for $630,000, which includes accrued interest. Prepare the journal entry to record the bonds retirement.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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