PROBLEM 3: EXERCISES 1. On January 1, 20x1, Sixty Hours Co. issued 1,000, P2,000, 10% bonds for P1,903,927. Principal is due on December 31, 20x3. while interest is due annually every year-end. The effective interest rate is 12%. Requirement: Provide the journal entries over the life of the bonds.

PROBLEM 3: EXERCISES 1. On January 1, 20x1, Sixty Hours Co. issued 1,000, P2,000, 10% bonds for P1,903,927. Principal is due on December 31, 20x3. while interest is due annually every year-end. The effective interest rate is 12%. Requirement: Provide the journal entries over the life of the bonds.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 7MC: On January 1 a company issues a $75,000 bond that pays interest semi-annually. The first interest...

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PROBLEM 3: EXERCISES
1. On January 1, 20x1, Sixty Hours Co. issued 1,000, P2,000, 10%
bonds for P1,903,927. Principal is due on December 31, 20x3.
while interest is due annually every year-end. The effective
interest rate is 12%.
Requirement: Provide the journal entries over the life of the bonds.

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