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Riley Company authorized a $1,000,000, 10-year, 6% bond issue dated July 1, 2009, with annual interest to be paid each December 31. On July 1, 2009, the bonds were issued for $886,500. Riley Company has a December 31 year-end.
A. Give the entry to record the sale of the bonds.
B. Give the required entry on December 31, 2009 to record amortization (use straight-line.)
C. Was the bond issued at par, at a discount, or at a premium?
D. Will interest expense be greater than or less than the cash payments for interest?
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In your diagram, show several transactions and how they would be tracked from the journal entry to the financial statement and back to the journal entry.
Hollander's plan is to reformulate SG's products and compromise on environmental purity. Environmentally harmful phosphates and chlorines will still be excluded, but cheaper petroleum-based cleaning agents will be substituted. These changes will a..
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