OHalloran, Inc., produces and sells outdoor equipment. On July 1, Year 1, OHalloran, Inc., issued...
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OHalloran, Inc., produces and sells outdoor equipment. On July Year OHalloran, Inc., issued $ of year, bonds at a market effective interest rate of receiving cash of $ Interest on the bonds is payable semiannually on December and June The fiscal year of the company is the calendar year.Required:Journalize the entry to record the amount of cash proceeds from the issuance of the bonds.Journalize the entries to record the following: aThe first semiannual interest payment on December Year and the amortization of the bond premium, using the interest method. Round to the nearest dollar.bThe interest payment on June Year and the amortization of the bond premium, using the interest method. Round to the nearest dollarDetermine the total interest expense for Year Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
OHalloran, Inc., produces and sells outdoor equipment. On July Year OHalloran, Inc., issued $ of year, bonds at a market effective interest rate of receiving cash of $ Interest on the bonds is payable semiannually on December and June The fiscal year of the company is the calendar year.Required:Journalize the entry to record the amount of cash proceeds from the issuance of the bonds.Journalize the entries to record the following: aThe first semiannual interest payment on December Year and the amortization of the bond premium, using the interest method. Round to the nearest dollar.bThe interest payment on June Year and the amortization of the bond premium, using the interest method. Round to the nearest dollarDetermine the total interest expense for Year Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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