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During February, Irving Corporation incurred $96,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $90,000.
The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a:
credit to Manufacturing Overhead of $96,000
credit to Work in Process of $90,000
debit to Work in Process of $90,000
debit to Manufacturing Overhead of $96,000
On December 31, IOU Corporation issued $100,000 of 10-year bonds at 98. The bonds pay interest annually on December 31. These bonds sold at 98 because____?
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