Didde company issued 400000 of 8 20-year bonds on january 1, Ask an Expert

Accounting

Didde Company issued $400,000 of 8%, 20-year bonds on January 1, 2010 at face value. Interest is payable annually on January 1.

Instructions:

Prepare the journal entries to record the following events:

a) The issuance of the bonds.

b) The accrual of interest on December 31, 2010.

c) The payment of interest on January 1, 2011.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9446947

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