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Instructions Campbell, Inc. produces and sells outdoor equipment On July 1, 2011. Campbell issued $30,000,000 of 10 year, 10%
3 ACCOUNTING EQUATION PAGE 10 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY
Final Question 3. Determine the total interest expense for 20Y1. $
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Answer #1

DATE DESCRIPTION DEBIT CREDIT

1 JULY Cash account debit 31,951,110

credit bond payable 30,000,000

credit premium on bond payable 1,951,110

31 dec interest expense debit 1437800

premium on bond payable 62200

credit cash 1500000

june 30 interest expense debit 1437800

premium on bond payable 62200

credit cash 1500000

interest expense 31951110 x 9/100 x 6/12 = 1437800

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