Mathematics, 21.11.2020 08:00 jackievelasquez3424
On January 1, Manderlee Inc. issued $180,000 of 9% 5-year bonds when the market interest rate was 10%. The
bonds pay interest semiannually on June 30th and December 31. Proceeds received were $173,050.
These bonds were issued at a DISCOUNT/PREMIUM (circle one) because the Contract Rate is EQUAL TOI
GREATER THAN/ LESS THAN (circle one) the Market Rate
Record the following transactions:
Bond issue on January 1
Paid semiannual interest on June 30
Amortized the bond premium or discount
On January 1, 2020, Mitchell Corp retires bonds with a face amount of $500,000 at 102. The unamortized
discount on January 2020 was $25,000. Journalize the entry.
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On January 1, Manderlee Inc. issued $180,000 of 9% 5-year bonds when the market interest rate was 10...
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