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Horton Enterprises issued $100,000, 10 year, 6 percent bonds payable on 1/1. Interest is payable each 6 months 1/1 and 7/1. The discount or premium is amortized by using the straight line method. Journalize the issuance, first interest payment and redemption of the bonds at maturity beneath the three conditions listed: 

Requirements: 

1) Journalize the issuance at par value. 

2. Journalize the selling price of $90,000 if the market rate is 7 percent.

3) Journalize the selling price is $105,000 if the market rate is 5.5 percent.

4) Which condition results is the most interest expense? describe why (describe in detail)?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921890

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