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Entries for bonds payable. Prepare the necessary...

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Question

Entries for bonds payable. Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Titus Co.: January 1 Issued $600,000 face value, 8%, 5-year bonds for $651,000, a 6% yield. Interest is payable semiannually on January 1 and July 1. The bonds are callable at 102. July 1 Paid semiannual interest on the bonds. Use effective-interest amortization of any discount/premium. December 31 Accrued semiannual interest on the bonds.

 

Paper#7546 | Written in 18-Jul-2015

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