T01 Intermediate Accounting II ACT-3392

Business Finance

ACT3392

Troy University

Question Description

Three questions about intermediate II

example questions

(4 points) On 01-01-15, J issued $5,400,000 of its 4%, 5-year term bonds dated 01-01-15. At the time the bonds were issued, similar bonds paid 5%. In conjunction with issuing the bonds, on 01-01-15, J incurred and paid $60,000 of issuance costs. The bonds pay interest every July 1 and January 1. J uses the effective-interest method to amortize any bond discount or premium. J prepares AJEs only as of every December 31. Prepare the entries J should make on01-01-15 07-01-15 12-31-15 01-01-16

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