On January 1, 2010, the Smith Corporation acquired 13% bonds with a face value of...
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Accounting
On January 1, 2010, the Smith Corporation acquired 13% bonds with a face value of $50,000. The bonds pay interest on June 30 and December 31 and mature on December 31, 2012. Smith Corporation paid $51,229.35.
a. Prepare the journal entries to record the purchase of the bonds and the first two interest accruals with the appropriate amortization.
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