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Assuming interest is paid semi-annually, Dr Cash $203,000 Cr Bond payable $200,000 Cr Interest payable $3,000 ($200,000 x 6% x 3/12) 1st interest payment date: Dr Interest expense $3,000 Dr Interest payable $3,000 Cr Cash $6,000 ($200,000 x 6% x 6/12) So the interest expense recorded for the first interest period is $3,000 Pls refer to attached lecture page 135
Urgent Accounting Test Problem 2? I have a test problem due Wednesday, Dec 2 at 12:00pm eastern time. Please help me if you can. Thanks. On July 1, 2009, the Pluto Press Company issued $200,000, 6%, 5-year life, dated April 1, 2009 (three months after the stated issue date) at par. How much cash was received on July 1, 2009 when Pluto finally issued the bonds, three months late? What is the interest expense recorded for the first interest period. Show all work with calculations.
Urgent Accounting Test Problem 2?
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