Answers
Accounts title |
Debit |
Credit |
Cash $ 256000 x 98/100 |
$250,880 |
|
Discount on Bonds Payable |
$5,120 |
|
Bonds Payable |
$256,000 |
Date |
Accounts title |
Debit |
Credit |
01-Jan-22 |
Cash ($1000 x 2700) |
$2,700,000 |
|
Bonds Payable |
$2,700,000 |
||
(to record issuance) |
|||
31-Dec-22 |
Interest Expense ($ 2700000 x 6%) |
$162,000 |
|
Interest Payable |
$162,000 |
||
(to record accrual) |
|||
01-Jan-23 |
Interest Payable |
$162,000 |
|
Cash |
$162,000 |
||
(to record payment) |
Brief Exercise 10-08 Skysong, Inc. issues $256,000, 10-year, 7% bonds at 98. Prepare the journal entry...
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