On January 1, 2019 Lightfoot Corporation issues 10%, 5-year bonds with a face value of...
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Accounting
On January 1, 2019 Lightfoot Corporation issues 10%, 5-year bonds with a face value of $275,000 when the effective interest rate is 9%. Interest is to be paid semiannually on June 30 and December 31. Lightfoot uses the effective interest method to amortize the premium on June 30, 2019. Required: Prepare the journal entry to record the first interest payment on June 30, 2019.
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