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Accounting

On March 1, 2011, Pyne Furniture Co issued 700,000 of 10 percent bonds to yield 8 percent Interests is payable semiannually on February 28 and August 31. The bonds mature in ten years. Pyne Furniture Co. is a calendar-year corporation

Determine the issue price of the bonds. Show your computations.

Prepare the journal entries to record bond related transactions as of the following dates Label each entry by date

A. March1, 2011
B. August 31, 2011
C. December 31, 2011
D. February 28, 2012 (assume no reversing entries are made)

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Accounting Basics, Accounting

Category:- Accounting Basics
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