Recording the Issuance of a New Bond and the Payment of Interest (Effective-Interest Amortization)
RKO Company issued $850.000. 10-year. 8 percent bonds on January 1, 2011. The bonds sold for $910.000. Interest is payable annually each December 31. Record the sale of the bonds on January 1. 2011, and the payment of interest on December 31. 2011. using the effective-interest method of amortization. The yield on the bonds is 7 percent.
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