PROBLEM 5: ON JANUARY 1, 2016 SMITH COMPANY ISSUED 8%, 20-YEAR BONDS PAYABLE WITH FACE...
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Accounting
PROBLEM 5:
ON JANUARY 1, 2016 SMITH COMPANY ISSUED 8%, 20-YEAR BONDS PAYABLE WITH FACE VALUE OF $300,000. THE BONDS PAY INTEREST ON JUNE 30 AND DECEMBER 31. THE ISSUE PRICE OF THE BONDS IS 98.
INSTRUCTIONS:
JOURNALIZE THE FOLLOWING BOND TRANSACTIONS:
A) ISSUANCE OF THE BONDS ON JANUARY 1, 2016
B) PAYMENT OF INTEREST AND AMORTIZATION ON JUNE 30, 2016
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