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Prepare all entries required to properly record the sale

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On May 1, 2018, ABC Corporation purchased $1,500,000 of 12% bonds, interest payable on January 1 and July 1, for $1,406,500 plus accrued interest. The bonds mature on January 1, 2024. Amortization is recorded when interest is received by the straight-line method (by months and round to the nearest dollar). (Assume bonds are available for sale.)

Instructions

Problem (a) Prepare the entry for May 1, 2018.

Problem (b) Complete the Interest Revenue Received and Bond Amortization Schedule.

Problem (c) The bonds are sold on November 1, 2019 for $1,412,500 plus accrued interest. Prepare all entries required to properly record the sale.

Reference no: EM132815339

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