On January 1, Sunland Corporation issues $2700000, 5-year, 12% bonds at 95 with interest payable...
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Accounting
On January 1, Sunland Corporation issues $2700000, 5-year, 12% bonds at 95 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond discount using the straight-line method will include a
credit to Discount on Bonds Payable, $13500.
debit to Interest Expense, $324000.
debit to Interest Expense, $162000.
credit to Discount on Bonds Payable, $27000.
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