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
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
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...
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