Debentures and face value, Accounting Basics

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Debentures and face value

On April 1, 2010, Everly Corporation issued 8% debentures dated January 1, 2010. The debentures had a face value of $3,000,000 and interest was payable on January 1 and July 1. The debentures were sold at par plus accrued interest. To record this event on April 1, 2010, Everly should debit cash for:

Select one:

a. $3,000,000

b. $2,920,000

c. $3,060,000

d. $3,080,000

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Accounting Basics: Debentures and face value

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Accounting Basics: Debentures and face value

Reference No:- TGS046042

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Recent Questions Asked Accounting Basics

Q : What amount of premium would be amortized

Q : What amount of interest expense recorded

Q : What was the loss on bond retirement

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Debentures and face value

Reference No:- TGS046042

Recent Questions Asked Accounting Basics

Q : What amount of premium would be amortized

Q : What amount of interest expense recorded

Q : What was the loss on bond retirement

Q : Use of the straight-line amortization

Q : Debentures and face value

Q : Bonds issued and interest rate

Q : Report on government-wide financial statements

Q : Better risk adjusted return problem

Q : Calculation of non-controlling interest

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