Cortez company issues 5000000 face value of bonds at 96 on, Ask an Expert

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Cortez Company issues $5,000,000 face value of bonds at 96 on May 1, 2009, plus accrued interest. The bonds are dated January 1, 2009, pay interest semiannually at 8% on June 30 and December 31, and mature in 10 years. Straight-line amortization is used for discounts and premiums. On July 1, 2012, $3,000,000 of the bonds are called at 102.

Prepare the journal entries needed on:

a. May 1, 2009
b. Each interest payment date in 2009.
c. July 1, 2012

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973925

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