Principles of Accounting
Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 2, Problem 10SE
To determine

Record the given transactions in the General Journal for the year 2014.

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On May 1, Year 1, Bolt Corp. issued 11% bonds in the face amount of $1,000,000 that mature on May 1, Year 10.  The bonds were issued to yield 10%, resulting in a bond premium of $62,000.  Bolt uses the effective interest method of amortizing bond premiums.  Interest is payable semiannually on November 1 and May 1.  What amount should Bolt report as the unamortized bond premium in its October 31, Year 1, balance sheet?      A. $58,590        B. $58,900        C. $60,100        D. $62,000
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