Crow co. issued 493000 of 10 20 yr. bonds on jan 1 2010 at, Ask an Expert

Accounting

Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1.

Prepare journal entries to record the last of the following events:

a) Jan 1 ~ Issuance of the bonds

b) Dec 31 ~ accrual interest on Dec. 31,2010

c) Payment of interest on Jan. 1, 2011

d) Redemption of bonds at maturity, assuming interest for the last interest period has been paid and recorded.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277313

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