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On January 31, 2018, Daughtry Logistics, Inc., issued ten-year, 7% bonds payable with a face value of $12,000,000. The b
Posted: Fri Jul 01, 2022 8:29 am
by answerhappygod
- On January 31 2018 Daughtry Logistics Inc Issued Ten Year 7 Bonds Payable With A Face Value Of 12 000 000 The B 1 (23.2 KiB) Viewed 24 times
On January 31, 2018, Daughtry Logistics, Inc., issued ten-year, 7% bonds payable with a face value of $12,000,000. The bonds were issued at 98 and pay interest on January 31 and July 31. Daughtry Logistics amortizes bond discounts using the straight-line method. Read the requirement. a. Record the issuance of the bond payable on January 31, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Jan 31 Date b. Record the payment fsemiannual interest and amortization of bond discount on July 31, 2018. Journal Entry July 31 Accounts Date Dec 31 Accounts Debit Accounts Debit c. Record the interest accrual and discount amortization on December 31, 2018. (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest whole dollar.) Journal Entry Credit Debit Credit Credit