Discuss the amortization of the related bond


On the first day of the fiscal year, a company issues a $800,000, 6%, 5 year bond that pays semi-annual interest of $24,000 ($800,000 × 6% × 1/2), receiving cash of $690,960. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.

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Accounting Basics: Discuss the amortization of the related bond
Reference No:- TGS0702834

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