Preparing journal entry to record initial issuance of bonds, Financial Accounting

Preparing journal entry to record initial issuance of bonds

Accounting for Bonds

Response to the following problem:

Lihue Enterprises issued $1.5 million, 9%, 20-year bonds on November 1, 2008. Interest payment dates are May 1 and November 1. The bonds were sold at face value

Required:

1. Provide the journal entry to record the initial issuance of the bonds.

2. Provide the required journal entry on December 31, 2008.

3. Provide all journal entries relating to the bonds made during 2009.

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Financial Accounting: Preparing journal entry to record initial issuance of bonds

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Financial Accounting: Preparing journal entry to record initial issuance of bonds

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