On 1/1/2020, Nicky Co issued 1 million dollars, 10%, 5 year bonds with interest payable...
70.2K
Verified Solution
Link Copied!
Question
Accounting
On 1/1/2020, Nicky Co issued 1 million dollars, 10%, 5 year bonds with interest payable every January 1. The bonds were issued for $1,081,105. On this date, the market rate of interest was 8%. Nicky uses the effective-interest-method of amortizing bond discounts and premiums. On December 31, 2020, when Nicky records its first year end adjusting journal entry pertaining to these bonds, the entry will include a debt to Interest Expense of A 100,811 B 108110 C 100000 D 86,488
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.