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Prepare the january journal entry to record the bonds

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Reference no: EM132917422

Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $4,895,980.

Required:

Problem a) Prepare the January 1, 2015, journal entry to record the bonds' issuance.

Problem b) For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense.

Problem c) Determine the total bond interest expense to be recognized over the bonds' life.

Reference no: EM132917422

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