Pogden Company issued a $700,000, 12%, ten-year bond payable at face value on January 1, 2024. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2024. 2. Journalize the payment of semiannual interest on July 1, 2024.
Pogden Company issued a $700,000, 12%, ten-year bond payable at face value on January 1, 2024. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2024. 2. Journalize the payment of semiannual interest on July 1, 2024.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 8RE
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Question
Pogden
Company issued
a
$700,000,
12%,
ten-year
bond payable at face value on January 1,
2024.
Interest is paid semiannually on January 1 and July 1.Requirements
1.
|
Journalize the issuance of the bond payable on January 1,
2024.
|
2.
|
Journalize the payment of semiannual interest on July 1,
2024.
|
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