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Find interest expense on bond issue reported in olsen

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Reference no: EM132754284

Accounting for bonds payable

On April 1, 2018, Olsen Products, Inc. issued at par $25 million of 10%, 10-year bonds payable. Interest is payable semi-annually each April 1 and October 1.

Question 1. What is the amount of cash paid to bondholders for interest during 2018? $_______________

Question 2. Give the adjusting entry necessary at December 31, 2018 (if any), regarding this bond issue.

Question 3. Interest expense on this bond issue reported in Olsen Products' 2018 income statement is:

Reference no: EM132754284

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