1) On Jan. 2, 2022, Best Buy issued a $60,000,000, 8%, 5-year bonds that pay semiannual interest on June 30 and December 31, receiving cash of $62,000,000 from the Instagram Company who purchased the entire issue. 2) On June 30, 2022, Best Buy made the first interest payment of the bonds using the SLM for the premium amortization. Required: The Journal entries for both, the Issuer and the Buyer.

1) On Jan. 2, 2022, Best Buy issued a $60,000,000, 8%, 5-year bonds that pay semiannual interest on June 30 and December 31, receiving cash of $62,000,000 from the Instagram Company who purchased the entire issue. 2) On June 30, 2022, Best Buy made the first interest payment of the bonds using the SLM for the premium amortization. Required: The Journal entries for both, the Issuer and the Buyer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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