Determine the total bond interest expense to be recognized, Ask an Expert

Accounting

Legacy issues $330,000 of 5%, four-year bonds dated January 1, 2009, that pay interest semiannually on June 30 and December 31. They are issued at $300,300 and their market rate is 8% at the issue date.

Requirement 1:

Prepare the January 1, 2009, journal entry to record the bonds' issuance. (Omit the "$" sign in your response.)

Date General Journal Debit Credit
Jan. 1 2009

Determine the total bond interest expense to be recognized over the bonds' life. (Omit the "$" sign in your response.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9415244

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