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Make the adjusting entry to record the accrual

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On April 1, 2016, CMV Corp. issued $600,000, 5%, 5-year bonds at face value. The bonds were dated April 1, 2016, and pay interest annually on April 1. Financial statements are prepared annually on December 31.

Instructions:

Question (a) Prepare the journal entry to record the issuance of the bonds.

Question (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2016.

Question (c) Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2016.

Question (d) Prepare the journal entry to record the payment of interest on April 1, 2017.

Question (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2017.

Reference no: EM132532424

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