The following section is taken from Oriole Company's balance sheet at december 31, 2021. Current liabilities, Interest payable $87, 750 Long liabilities, Bonds payable, 5%due january 1, 2024 1,755,000. Bond interest ispayable annually on January 1. The bonds are callable on any interest date. Prepare the entry to record the accrual ofinterest on December 31, 2022

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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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