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yan [13]
3 years ago
9

Sage Hill Inc. Issues $254,000, 10-year, 10% bonds at 97. Prepare the journal entry to record the sale of these bonds on March 1

, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Business
1 answer:
Mamont248 [21]3 years ago
8 0

To record final annual interest and bond repayment:

2017

Mar 1

Bonds interest expense       $25,400

Bonds payable                      $254,000

          Cash                                                  $279,000

On March 1, 1997, the date of issuance, the entry is:

1997

Mar 1

Cash                                        $254,000

          Bonds payable                                  $254,000

On each March 1 for 10 years, beginning March 1, 1997 (ending March 1, 2017), the entry would be (Remember, calculate interest as Principal x Interest Rate x Time)

Mar 1

Bond Interest Expense ($100,000 x 12% x 1)          $25,400

          Cash                                                                                  $25,400


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