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Prepare journal entries for Terrier Company

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Question - On July 1 Year 1, Terrier Company issued bonds with a face amount of Shs 2,000,000 maturing in 10 years. The nominal interest rate was 12% per annum, payable semi-annually on June 30 and December 31. The bonds were issued to yield 14% per annum compounded semi-annually.

Required - Prepare journal entries for Terrier Company to record the following:

Issuance of 12% bonds on July 1, Year 1.

Payment of interest and discount/premium amortization (under the interest method) on December 31, Year 1.

Payment of interest and discount/premium amortization (under the interest method) on June 30, Year 2.

Reference no: EM132520312

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