Homework Answers
Discount on issue of bond = 51960 i.e. (866000-814040)
Amortization of discount = 51960/10 = 5196
Journal entries
| Particulars | Debit | Credit |
| Interest expenses | $44166 | |
| Discount on bond payable | $5196 | |
| Cash | $38970 | |
| ( To record interest payment) |
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Please help ASAP! Thank you very much!
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