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On January 1, 2025, Taylor Accounting Services issued $53,000 of 6% bonds that mature in five years. They were issued at 99. The bonds pay semiannual interest payments on June 30 and December 31 of each year using the straight-line amortization method. What is the journal entry for the interest payment made on June 30, 2025? O Interest Expense Cash O Interest Expense Discount on Bonds Payable Cash O Cash Interest Expense O Cash Discount on Bonds Payable Interest Expense 1,590 1,643 1,590 1,590 53 1,590 53 1,590 1,590 1,643

On January 1, 2025, Taylor Accounting Services issued $53,000 of 6% bonds that mature in five years. They were issued at 99. The bonds pay semiannual interest payments on June 30 and December 31 of each year using the straight-line amortization method. What is the journal entry for the interest payment made on June 30, 2025? O Interest Expense Cash O Interest Expense Discount on Bonds Payable Cash O Cash Interest Expense O Cash Discount on Bonds Payable Interest Expense 1,590 1,643 1,590 1,590 53 1,590 53 1,590 1,590 1,643

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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On January 1, 2025, Taylor Accounting Services issued $53,000 of 6% bonds that mature in five years. They were issued at 99. The bonds pay semiannual interest payments on June 30 and December 31 of each year using the straight-line amortization method. What is the journal entry for the interest payment made on June 30, 2025? Interest Expense Cash Interest Expense Discount on Bonds Payable Cash Cash Interest Expense Cash Discount on Bonds Payable Interest Expense 1,590 1,643 1,590 1,590 53 1,590 53 1,590 1,590 1,643
Transcribed Image Text:On January 1, 2025, Taylor Accounting Services issued $53,000 of 6% bonds that mature in five years. They were issued at 99. The bonds pay semiannual interest payments on June 30 and December 31 of each year using the straight-line amortization method. What is the journal entry for the interest payment made on June 30, 2025? Interest Expense Cash Interest Expense Discount on Bonds Payable Cash Cash Interest Expense Cash Discount on Bonds Payable Interest Expense 1,590 1,643 1,590 1,590 53 1,590 53 1,590 1,590 1,643
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