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Latenight Drive-Ins Lid borrowed money by issuing $5,500,000 of 6% bonds payable at 94.5 on...

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Accounting

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Latenight Drive-Ins Lid borrowed money by issuing $5,500,000 of 6% bonds payable at 94.5 on July 1, 2018. The bonds are 10 year bonds and pay interest each January 1 and July 1 Read the requirements -Ins Ltd. borrowed money by issuing $5,500,000 of 6% bonds payable at 94.5 on July 1, 2018. The bonds are 10-year bonds and pay interest July 1 rements i Requirements cash did Latenight rece eived $ e issuance of the bonds 1. How much cash did Latenight receive when it issued the bonds payable? Journalize this transaction. 2. How much must Latenight pay back at maturity? When is the maturity date? 3. How much cash interest will Latenight pay each six months? 4. How much interest expense will Latenight report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December 31, 2018, and the payment of interest on January 1, 2019 Print Done om any list or enter any number in the input fields and then continue to the next

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