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Make the journal entry to record the interest payment

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Recording Bond Issue and First Interest Payment with Discount.

On January 1, 2020, Tampa Corporation sold a $950,000, 7 percent bond issue (9 percent market rate). The bonds were dated January 1, 2020, pay interest each December 31, and mature in 10 years.

Question 1. Prepare the journal entry to record the issuance of the bonds.

Question 2. Prepare the journal entry to record the interest payment on December 31, 2020. Use straight-line amortization.

Question 3. Show how the interest expense and the bonds payable should be reported on the December 31, 2020, annual financial statements.

Reference no: EM132490151

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