On february 1 2013 fox corporation issued 9 bonds dated, Ask an Expert

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On February 1, 2013, Fox Corporation issued 9% bonds dated February 1, 2013, with a face amount of $200,000. The bonds sold for $182,841 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Fox's fiscal year is the calendar year. Fox uses the straight-line method of amortization.

You may wish to prepare a partial amortization table. (Highly recommended!)

Required: 1. Prepare the journal entry to record the bond issuance for Fox on February 1, 2013.

2. Prepare the entry for Fox to record interest on July 31, 2013.

3. Prepare the necessary journal entry for Fox on December 31, 2013. 4. Prepare the necessary journal entry for Fox on January 31, 2014.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9800780

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