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Alle Oberthemen / Accounting / General / Final Exam - ACCT 2101
8
What is the JE for the following bond's issuance?  What is the JE for the payment of Interest?  What is the JE for its retirement?

Given:
Par value: 1,000,000
Stated Interest Rate: 10%
Market Interest Rate: 10%
Interest Dates: 6/30/2012 and 12/31/2012
Issue date: 1/1/2012
JE for Issuance:

Jan 1        Cash      1,000,000
                          Bonds Payable      1,000,000

JE for Payment of Interest

June 30    Bond Interest Exp     50,000
                          Cash                                  50,000
          1,000,000 x 0.10 x 1/2 (yr) = 50,000

JE for Retirement of Bond

Dec 31      Bonds Payable      1,000,000
                           Cash                            1,000,000       

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Karteninfo:
Autor: savhighsmith
Oberthema: Accounting
Thema: General
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 01.05.2010

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