FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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X Corporation borrowed money by issuing $1,000,000 of bonds at 102
on January 1, 2022. The bonds pay interest on January 1 and July 1. The
stated rate of interest is 5% and the bonds mature in 10 years. Any
discount or premium is amortized using the straight-line method.
Required:
Prepare journal entries on the following dates:
1. January 1, 2022.
2. July 1, 2022.
3. December 31, 2022, the fiscal year end.
4. January 1, 2023.
5. January 1, 2032.
Omit explanations.
Date
Account
Debit
Credit
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Transcribed Image Text:X Corporation borrowed money by issuing $1,000,000 of bonds at 102 on January 1, 2022. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method. Required: Prepare journal entries on the following dates: 1. January 1, 2022. 2. July 1, 2022. 3. December 31, 2022, the fiscal year end. 4. January 1, 2023. 5. January 1, 2032. Omit explanations. Date Account Debit Credit
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