1. On June 30, 2011, Arlington company issued $1,500,000 of 10 year, 8% bonds (face...
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Accounting
1. On June 30, 2011, Arlington company issued $1,500,000 of 10 year, 8% bonds (face value $1000 per bond) at 103, dated June 30. Write the journal entry to record the issuance of the bonds.
2. On January 1, Skills company purchased as a short investment a $1000, 6% bond for $1000. The bond pays interest on January 1. The bond is sold on July 1 for $1200 plus accrued interest. Interest has not beed accued since the last interest payment date. What is the entry to record the cash proceeds at the time the bond is sold?
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