On july 1 2010 atwater corporation issued 1681700 face, Ask an Expert

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On July 1, 2010, Atwater Corporation issued $1,681,700 face value, 9%, 10-year bonds at $1,920,720. This price resulted in an effective-interest rate of 7% on the bonds. Atwater uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest July 1 and January 1.

Instructions
(Round all computations to 0 decimal places, e.g. 125. Use rounded amounts for future computations.)

Prepare the journal entry to record the issuance of the bonds on July 1, 2010. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975762

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