Olson amp wolcott inc issued 2400000 of face value bonds on, Ask an Expert

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Olson & Wolcott, Inc., issued $2,400,000 of face value bonds on January 31, 2014. They are 12% bonds and sold for $2,400,000 cash. The bonds are dated December 31, 2013, and mature on December 31, 2023. Interest will be paid semiannually on June 30 and December 31. What amount of accrued interest payable should be reported in its September 30, 2014, balance sheet?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9949907

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