On the first day of its fiscal year, Jacinto Company issued $6,500,000 of six-year, 7% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 8%, resulting in Jacinto Company receiving cash of $6,194,985.
Journalize the entries to record the following:
a. Issuance of the bonds.
b. First semiannual interest payment.
c. The bond discount amortization is combined with the semiannual interest payment.
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On the first day of its fiscal year, Jacinto Company issued $6,500,000 of six-year, 7% bonds to fina...
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