P 10–6 A 3‐year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The year‐end of the Corporation is December 31. Required: Consider the following independent cases: 1. The Mega Corporation issued the bonds on April 1, 2019, at 97. Prepare the journal entries required on April 1, 2019, September 30, 2019, and December 31, 2019. Assume straight‐line amortization. 2. The bonds are issued at 106 on April 1, 2019. Prepare the journal entries to record the sale of the bonds on April 1, 2019, and entries required on September 30, 2019, and December 31, 2019 3. The bonds are not issued
P 10–6 A 3‐year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The year‐end of the Corporation is December 31. Required: Consider the following independent cases: 1. The Mega Corporation issued the bonds on April 1, 2019, at 97. Prepare the journal entries required on April 1, 2019, September 30, 2019, and December 31, 2019. Assume straight‐line amortization. 2. The bonds are issued at 106 on April 1, 2019. Prepare the journal entries to record the sale of the bonds on April 1, 2019, and entries required on September 30, 2019, and December 31, 2019 3. The bonds are not issued
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 95PSA
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P 10–6 A 3‐year $1,000,000, 10% bond issue was authorized for Mega Corporation on April 1, 2019. Interest is payable on March 31 and September 30. The year‐end of the Corporation is December 31. Required: Consider the following independent cases: 1. The Mega Corporation issued the bonds on April 1, 2019, at 97. Prepare the
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