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1) Gilbert Corporation has opportunity to acquire a company that produces one of parts it uses in its manufacturing process. After careful analysis, Gilbert has made decision to raise essential capital for acquisition by issuing $3,000,000 of 7.0%, 10-year bonds dated April 1, 20X6, with interest payments on October 1 and April 1. Suppose bonds are issued on June 1, 20X6, at face value plus accrued interest. Gilbert's year-end is December 31.

a) Create entry to record the issuance of bonds on June 1, 20X6.

b) Create entry on October 1, 20X6, to record interest payment.

c) Create entry to record the accrued interest on December 31, 20X6.

d) Create April 1, 20X7, entry to record interest payment.

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  • Category:- Accounting Basics
  • Reference No.:- M919805

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