Entries for issuing bonds and amortizing premium by straight-line method
smiley corporat...
Business, 13.01.2020 19:31 natalie2sheffield
Entries for issuing bonds and amortizing premium by straight-line method
smiley corporation wholesales repair products to equipment manufacturers. on april 1, year 1, smiley issued $20,000,000 of five-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $20,811,010. interest is payable semiannually on april 1 and october 1.
a. journalize the entry to record the issuance of bonds on april 1, year 1. for a compound transaction, if an amount box does not require an entry, leave it blank.
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