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Extra Gold Corporation had a $1,240,000, 9.0% bond available for issue on September 1, 2020. Interest is to be paid quarterly beginning November 30. All of the bonds were issued at par on October 1.
Question 1: Prepare the appropriate entries for
Question 1a. October 1, 2020
Question 1b. November 30, 2020
Question 1c. December 31, 2020 (Extra Gold's year-end)
Question 1d. February 28, 2021
ovak Corporation purchases a patent from Wildhorse Company, Prepare the journal entries to record the $26,400 expenditure and 2022 amortization.
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