(Answered) 1 entries for bond transactions-effective-interest assume

Accounting

1. (Entries for Bond Transactions-Effective-Interest) Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%. Prepare the journal entries to record the following. (Round to the nearest dollar)

(a) The issuance of the bonds.

(b) The payment of interest and related amortization on July 1, 2011.

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