2. Kiki Inc., which closes its books on December 31, is authorized to issue $600,000...
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Accounting
2. Kiki Inc., which closes its books on December 31, is authorized to issue $600,000 of 8%, 10-year bonds dated January 1, 2016, with interest payments on January 1.
REQUIRED:
Present general journal entries to record the events listed below, assuming the bonds were sold at face on January 1, 2016
1. The bond issue.
2. Accrual of the bond interest at December 31.
3. Payment of the first semiannual periods interest
4. Retirement of the bonds at maturity
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