On january 1 2010 lead inc issues five-year 10000000 9, Ask an Expert

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On January 1, 2010, Lead Inc. issues five-year, $10,000,000, 9 percent notes at 98 ($9,800,000). The discount at the time of sales is $200,000. Interest is paid semiannually on June 30, and December 31.

A) Provide the journal entry to record the issuance of the bonds on January 1, 2010.

B) Provide the journal entry to recognize the interest expense on June 30 and December 31, 2010-2014 using straight line amortization.

C) Give the journal entry to record the repayment of the loan principal on December 31, 2014

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953129

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