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Bramble Corp. issued $318,000, 9%, 15-year bonds on December 31, 2021, for $298,920. Interest is payable annually on December 31. Bramble uses the straight-line method to amortize bond premium or discount.

Bramble Corp. issued $318,000, 9%, 15-year bonds on December 31, 2021, for $298,920. Interest is payable annually on December 31. Bramble uses the straight-line method to amortize bond premium or discount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
Transcribed Image Text:Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit
Bramble Corp. issued $318,000, 9%, 15-year bonds on December 31, 2021, for $298,920. Interest is payable annually on December 31. Bramble uses the straight-line method to amortize bond premium or discount.
Transcribed Image Text:Bramble Corp. issued $318,000, 9%, 15-year bonds on December 31, 2021, for $298,920. Interest is payable annually on December 31. Bramble uses the straight-line method to amortize bond premium or discount.
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