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On July 1, 2014, Bamazon Corporation issued 1,000,000 of 6% debentures to yield 7%. The entire bond issue was purchased by the New York pension trust. Interest is payable semi-annually on July 1 and December 31 and the bonds mature in 20 years.

Required: what entries would be made by Bamazon for the first interest payment on December 31, 2014, assuming premium or discount amortization by (1) straight-line method and (2) the effective interest method?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9801377

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