On february 1 2011 wolf inc issued 10 bonds dated february, Ask an Expert

Accounting

On February 1, 2011, Wolf Inc. issued 10% bonds dated February 1, 2011, with a face amount of $200,000. The bonds sold for $239,588 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9976978

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