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blushswan904Lv1
28 Sep 2019
The XYZ Company has a fiscal year-end of March31st.
On July 1st, 2012 XYZ authorized $600,000 of 10 yearmortgage bonds (secured by property, plant and equipment with afair value of $720,000). The bonds have a stated interest of 9%,with interest paid to the bondholders of record each December 31and June 30.
On May 31st, 2013 XYZ issued 200 of the bonds, at apremium of $21,800. The company records amortization only oninterest-payment dates and at its fiscal year-end. Prepare alljournal entries relating to the bonds during the period July1st, 2012 through March 31st, 2014.
The XYZ Company has a fiscal year-end of March31st.
On July 1st, 2012 XYZ authorized $600,000 of 10 yearmortgage bonds (secured by property, plant and equipment with afair value of $720,000). The bonds have a stated interest of 9%,with interest paid to the bondholders of record each December 31and June 30.
On May 31st, 2013 XYZ issued 200 of the bonds, at apremium of $21,800. The company records amortization only oninterest-payment dates and at its fiscal year-end. Prepare alljournal entries relating to the bonds during the period July1st, 2012 through March 31st, 2014.
Keith LeannonLv2
28 Sep 2019