Middleton co issued 800000 8 5 year bonds on january 1 2014, Ask an Expert

Accounting

Middleton Co. issued $800,000, 8%, 5 year bonds on January 1, 2014 at 99. Interest on these bonds is payable annually on January 1. Middleton Co. uses the straight-line method to amortize bond discount and premium. Instructions:

Journalize the transactions for:

(a) The issuance of the bonds on January 1.

(b ) The accrual of interest on December 31 and the amortization of bond discount.

(d ) The retirement of the bonds at maturity. GENERAL JOURNAL DATE LP Debit Credit 1/1/2014 12/31/2014 1/1/2015 1/1/2019.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91958249

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