Business, 21.05.2020 04:03 klanderos890

On January 1, 2019 Powell Corporation issued $800,000, 5%, 5 year bonds dated January 1, 2019 at 95. The bonds pay annual interest on January 1. The company uses the straight-line method of amortization and has a calendar year end. Prepare the following journal entries that Powell Company would make related to this bond issue: Date of issue: January 1, 2019 Interest Expense Accrual: December 31, 2019 Interest Payment: January 1, 2020 Redemption of bonds at maturity January 1, 2024

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On January 1, 2019 Powell Corporation issued $800,000, 5%, 5 year bonds dated January 1, 2019 at 95....

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