Block company issued a 20000 10-year bond on 712008 when, Ask an Expert

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Block Company issued a $20,000, 10-year Bond on 7/1/2008, when the Market Interest Rate was 6.5%. Assume that the accounting year of Block Company ends on December 31. Journalize the following transactions.
a. Issuance of the Bond on 7/1/2008
b. Accrual of the Interest Expense on 12/31/2008
c. Payment of Interest on 1/1/2009
d. Payment of the Bond at Maturity

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M971826

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