Pretzelmania inc issues 6 10-year bonds with a face amount, Accounting Basics

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Pretzelmania inc issues 6 10-year bonds with a face amount

Problem

Pretzelmania, Inc., issues 6%, 10-year bonds with a face amount of $52,000 for $52,000 on January 1, 2018. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. 1. & 2. Record the bond issue and first interest payment on December 31, 2018.

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Accounting Basics: Pretzelmania inc issues 6 10-year bonds with a face amount

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Accounting Basics: Pretzelmania inc issues 6 10-year bonds with a face amount

Reference No:- TGS02755517

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