On january 1 canglon inc issues 10 5-year bonds with a face, Accounting Basics

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On january 1 canglon inc issues 10 5-year bonds with a face

Problem

On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the effective rate is 12%. Interest is to be paid semiannually. Assume Canglon uses the effective interest method to amortize the discount.

Required:

Prepare the journal entry to record the first interest payment.

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Accounting Basics: On january 1 canglon inc issues 10 5-year bonds with a face

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Accounting Basics: On january 1 canglon inc issues 10 5-year bonds with a face

Reference No:- TGS02676852

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