FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2025, Flint Company issued $3,000,000 face value, 7% , 10-year bonds at $3,220,803. This price resulted in a 6% effective-interest rate on the bonds. Flint uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. (a) Prepare the journal entries to record the following transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 125) 1 2. 3. 4. No The issuance of the bonds on January 1, 2025, Accrual of interest and amortization of the premium on December 31, 2025, The payment of interest on January 1, 2026. Accrual of interest and amortization of the premium on December 31, 2026. Date Account Titles and Explanation. Debit
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Transcribed Image Text:On January 1, 2025, Flint Company issued $3,000,000 face value, 7% , 10-year bonds at $3,220,803. This price resulted in a 6% effective-interest rate on the bonds. Flint uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. (a) Prepare the journal entries to record the following transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 125) 1 2. 3. 4. No The issuance of the bonds on January 1, 2025, Accrual of interest and amortization of the premium on December 31, 2025, The payment of interest on January 1, 2026. Accrual of interest and amortization of the premium on December 31, 2026. Date Account Titles and Explanation. Debit
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