Business, 06.05.2020 02:09 milhai0627a

Sanders Corporation issued $ 470,000 of 9%, 10-year bonds payable at a price of 91. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. The journal entry to record the first semiannual interest payment using the effective-interest amortization method is :
A. Date Accounts and Explanation Debit Credit Interest Expense 23,735 Discount on Bonds Payable 235 Cash 23,500
B. Date Accounts and Explanation Debit Credit Interest Expense 27,307 Discount on Bonds Payable 3,807 Cash 23,500
C. Date Accounts and Explanation Debit Credit Interest Expense 24,957 Discount on Bonds Payable 3,807 Cash 21,150
D. Date Accounts and Explanation Debit Credit Interest Expense 21,385 Discount on Bonds Payable 235 Cash 21,150

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Sanders Corporation issued $ 470,000 of 9%, 10-year bonds payable at a price of 91. The market inter...

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