On January 1, 2021, Bank Nizwa. issued RO 90,000, five-year, 12% bonds at (100% of face value). Assume that interest is payablesemiannually on January 1 and July 1. Prepare the entry to record the payment of interest on July 1, 2021Select one:O a.Interest Expense5,400Cash5,400O b.Interest Payable10,800Interest Expenses10,800O c.Interest Payable5,400Interest Expenses5,400O d.Interest Expense10,800Cash10,800Cirill lis ais!

1. Amount of interest to be paid is calculated on the face value. 2. Journal entry for recording…

Answered: nd July 1. Prepare the entry to record…

Business

Accounting

nd July 1. Prepare the entry to record the payment of interest on July 1, 2021

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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