effective interest rate of 13%, receiving cash of $30,237, 139. Interest on the bonds is
payable semiannually on December 31 and June 30. The fiscal year of the company is
the calendar year.
1. Journalize the entry to record the amount of cash proceeds from the sale of the
2. Journalize the entries to record the following:
a. The first semiannual interest payment on December 31, 2010, and the amortization
of the bond discount, using the straight-line method. (Round to the nearest
b. The interest payment on June 30, 2011, and the amortization of the bond discount,
using the straight-line method. (Round to the nearest dollar.)
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This question was asked on May 19, 2010 and answered on May 19, 2010.
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