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Prepare the journal entry to record issuance of the bonds

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Reference no: EM132765144

Question - Bond Issuance at Par, Discount, Premium, and Interest calculation.

A. Laudie Company issued $400,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1, 2021.

Instructions - Prepare the journal entries to record the following events.

(a) The issuance of the bonds.

(b) The accrual of interest on December 31, 2020.

(c) The payment of interest on January 1, 2021.

B. Swisher Company issued $2,000,000 of bonds on January 1, 2020.

Instructions - Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 103.

Reference no: EM132765144

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