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In each of the following independent cases the com...

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In each of the following independent cases the company closes its books on December 31. 1.) Sanford Co. sells 500,000 of 10% bonds on March 1, 2010. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2013. The bonds yield 12%. Five entries through December 31, 2011. 2.) Titania Co. sells 400,000 of 12% bonds on June 1, 2010. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2014. The bonds yield 10%. On October 1, 2011, Titania buys back 120,000 worth of bonds for $126,000(includes accrued interest). Give entries through December 1, 2012.

 

Paper#7972 | Written in 18-Jul-2015

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