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How will the expense be recognized

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Reference no: EM133190214

Question - Bonds Payable On January 2018, SaulGroup Inc. issued $5,000,000 of 4% bonds at par value. The bonds will mature in five years on December 31, 2022. The costs of issuing the bonds were $300,000. Interest is paid on the bonds annually.

Required -

a. How will the expense be recognized in 2018 and 2019 under (1) U.S. GAAP and (2) IFRS?

b. Prepare the necessary journal entries.

Reference no: EM133190214

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