The following section is taken from Ohlman Ltd.'s. statement of financial position at December 31, 2018. Non‐current liabilities Bonds payable, 7%, due January 1, 2024 $16,000,000 Current liabilities Interest payable 1,120,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Prepare the entry to record the accrual of interest on December 31, 2019.
The following section is taken from Ohlman Ltd.'s. statement of financial position at December 31, 2018. Non‐current liabilities Bonds payable, 7%, due January 1, 2024 $16,000,000 Current liabilities Interest payable 1,120,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Prepare the entry to record the accrual of interest on December 31, 2019.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 7EA: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The...
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The following section is taken from Ohlman Ltd.'s.
Non‐current liabilities | |
Bonds payable, 7%, due January 1, 2024 |
$16,000,000
|
Current liabilities | |
Interest payable |
1,120,000
|
Bond interest is payable annually on January 1. The bonds are callable on any interest date.
Prepare the entry to record the accrual of interest on December 31, 2019.
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