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Information taken from a Sears Roebuck and Company annual report follows Required 1 How much interest expense did the company record during Year 2 on the 7% debentures How much of the

Information taken from a Sears, Roebuck and Company annual report follows.

Required:

1. How much interest expense did the company record during Year 2 on the 7% debentures? How much of the original issue discount was amortized during Year 2?

2. How much interest expense did the company record during Year 2 on the zero coupon bonds?

3. Suppose that interest payments on the participating mortgages are made on December 31 of each year. What journal entry did the company make in Year 2 to recognize interest expense on this debt?

4. How much cash interest did the company pay out during Year 2 on the 7% debentures and the zero coupon bonds?

May 24 2020 View more View Less

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