Concord Corporation issued $570000 of 7%, 10-year bonds on one of its interest dates for...
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Accounting
Concord Corporation issued $570000 of 7%, 10-year bonds on one of its interest dates for $492309 to yield an effective annual rate of 9%. The effective-interest method of amortization is to be used. Interest is paid annually. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a credit to Discount on Bonds Payable for $4408. debit to Interest Expense for $51300. debit to Interest Expense for $39900. credit to Cash for $44308.
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