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The Marshall Company issued a $100,000, 8%, 5 year bond for $92,278. The bond that pays interest emi-annually. The bond was issued and dated on April 1, year 1 when the market rate of interest was 10%.

The Marshall Company issued a $100,000, 8%, 5 year bond for $92,278. The bond that pays interest emi-annually. The bond was issued and dated on April 1, year 1 when the market rate of interest was 10%.

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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The Marshall Company issued a $100,000, 8%, 5 year bond for $92,278. The bond that pays interest semi-annually. The bond was issued and dated on April 1, year 1 when the market rate of interest was 10%.
Transcribed Image Text:The Marshall Company issued a $100,000, 8%, 5 year bond for $92,278. The bond that pays interest semi-annually. The bond was issued and dated on April 1, year 1 when the market rate of interest was 10%.
2. Make a journal entry for the following a. The issuance of the bond on April 1, year 1. b. The first interest payment on September 1, year 1. c. The interest accrual on December 31, year 1. d. The second interest payment on March 31, year 2.
Transcribed Image Text:2. Make a journal entry for the following a. The issuance of the bond on April 1, year 1. b. The first interest payment on September 1, year 1. c. The interest accrual on December 31, year 1. d. The second interest payment on March 31, year 2.
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