What would this journal entry look like? City refinanced their outstanding bonds of $26,600,000 on...
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Accounting
What would this journal entry look like?
City refinanced their outstanding bonds of $26,600,000 on the first day of the current fiscal year. This was the only outstanding debt at the beginning of the year and the balance at year end was $24,000,000. The bond is a 15 year bond and payments are made each February 15 and August 15. There was a bond premium of $100,000. The interest rate is 5.374%.
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