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Discuss about the issuance of the bonds

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Question: Monster Industries Ltd. borrowed money by issuing a $60,000 6.5?%, ?10-year bond. Assume that Monster Industries issued the bond on ?June 1, 2020 ?, at a price of 90. Also assume that Monster?Industries's accounting year ends on November 30.

Journalize the following transactions for ?Industries, including an explanation for each? entry:

a. Issuance of the bonds on ?June 1,2020 .

b. Accrual of interest expense and amortization of bonds on November 30?,2020 . ?(Use the? straight-line amortization? method, and round amounts to the nearest? dollar.)

c. Payment of the first? semi-annual interest amount on?December 1, 2020

Reference no: EM132748077

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