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question abc company issues bonds on january 1 st 2012 jagg the information below fo 4281140

Question

ABC Company issues bonds on January 1^st, 2012. (jagg the information below for questions 9a-9b) Principal = $20,000 Stated Interest Rate = 8% Interest Date = 12/31 Maturity Date = December 31st, 2016 (5 years) Selling Price = $16,000 (sold at a discount) Record the journal entry for ABC's bondissuance on January l^st, 2012. (Accounts to use: BONDS PAYABLE, CASH & DISCOUNT ON BONDS PAYABLE) Record the journal entry for year 1's interest payment on December 31^st, 2012. (Accounts to use: INTEREST EXPENSE, DISCOUNT ON BONDS PAYABLE & CASH)

 

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