Can-Ed University, which is owned by a group of Canadian universities and colleges, issued bonds...
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Accounting
Can-Ed University, which is owned by a group of Canadian universities and colleges, issued bonds to finance the construction of an overseas campus in China. Can-Ed issued 6% 20-year bonds with a face value of $112,000,000. The bonds will pay interest semi-annually
Prepare the journal entry Can-Ed would record at the time of the issuance of the bonds under each of the alternative yields. Also, prepare the journal entries to record the interest expense for the first two periods under each alternative. Ignore year-end accruals of interest.
No.
Account Titles and Explanation
Debit
Credit
i.
(To record cash at the time of issuance of bonds)
(To record interest for the first period)
(To record interest for the second period)
ii.
(To record cash at the time of issuance of bonds)
(To record interest for the first period)
(To record interest for the second period)
iii.
(To record cash at the time of issuance of bonds)
(To record interest for the first period)
(To record interest for the second period)
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