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question on january 1 2014 kitchen concepts inc issued five year 10 000 000 9 percen 4278428

Question

On January 1, 2014, Kitchen Concepts, Inc. issued five-year,$10,000,000, 9 percent bonds at 98. Interest is paid semiannuallyon June 30, and December 31.

Required:   

1.Provide the journal entry torecord the issuance of the bonds on January 1, 2014.

2. Provide the journal entry that would have to be recorded eachJune 30 and December 31 assuming the use of straight lineamortization?

 

3. Record the journal entry to record the repayment of the loanprincipal on December 31, 2018.

Please add D after the account name you are debiting and a Cafter the account name you are crediting in a hyphenated fashion.Make sure you provide the dollar amount after the appropriateaccount. You can type each transaction on one line. For example,journalize the entry for the purchase of land for $10,000 cash onFebruary 10th. 

Example solution: February 10 Land-D 10,000 Cash-C 10,000

 

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