X Corporation borrowed money by issuing $100,000 of bonds at 103 on January 1, 2019. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method. Required: Prepare journal entries on the following dates: January 1, 2019. July 1, 2019. December 31, 2019, the fiscal year end. January 1, 2020. January 1, 2029.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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X Corporation borrowed money by issuing $100,000 of bonds at 103 on January 1, 2019. The bonds pay interest on January 1 and July 1. The stated rate of interest is 5% and the bonds mature in 10 years. Any discount or premium is amortized using the straight-line method.

Required:

Prepare journal entries on the following dates:

  1. January 1, 2019.
  2. July 1, 2019.
  3. December 31, 2019, the fiscal year end.
  4. January 1, 2020.
  5. January 1, 2029.
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