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Prepare journal entries for Terry company

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Question - On July 1year 1, Terry Company issued bonds with a face amount of shs 2000000 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 semiannually.

Required: - Prepare journal entries for Terry company to record the following

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

2. Payment of interest and discount/ premium amortization on December 31 year 1(under interest method).

3. Payment of interest and discount/amortization on June 30year2.(under interest method).

Reference no: EM132497042

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