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Gomez issues $ 240,000 of 6%, 15 year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $ 198,494, and their market rate is 8% at the issue date.
Required:
1. Prepare the January 1, 2013, journal entry to record the bonds issuance.
2. Determine the total bond interest expense to be recognized over the life of the bonds.
3. Prepare a straight line amortization table like the one in Exhibit 14.7 for the bonds first two years.
4. Prepare the journal entries to record the first two interest payments.
Conduct research to find information about organizations that provide governance for accounting practices. Answer the following questions in your own words. Be sure to cite your references in proper APA style.
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