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On January 1 2011 Victor Corporation sold a $1400000 8 percent bond issue 6 percent market rate The bonds were dated January 1 2011 pay interest each June 30 and December 31 and mature in

On January 1, 2011, Victor Corporation sold a $1,400,000, 8 percent bond issue (6 percent market rate). The bonds were dated January 1, 2011, pay interest each June 30 and December 31, and mature in four years.Required:1. Give the journal entry to record the issuance of the bonds.2. Give the journal entry to record the interest payment on June 30, 2011. Use straight-line amortization.3. Show how the bond interest expense and the bonds payable should be reported on the June 30, 2011, balance sheet and income statement.View Solution:
On January 1 2011 Victor Corporation sold a 1 400 000 8

 

Apr 29 2020 View more View Less

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