On January 1,2025, Pronghorn Company sold 12% bonds having a maturity value of $700,000.00 for...
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Accounting
On January Pronghorn Company sold bonds having a maturity value of $ for $ which provides the bondholders with a yield. The bonds are dated January and mature January with interest payable December of each year. Pronghorn Company allocates interest and unamortized discount or premium on the effectiveinterest basis.
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Prepare the journal entry at the date of the bond issuance. Round answer to decimal places, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select No entry" for the account titles and enter in the respective debit and credit fields.
Date Account Titles and Explanation
January
Debit
Credit
Answer & Explanation
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