tps://newconnect.mheducation.comtlow/connect.html tuff Research Paper D DQCOffic

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tps://newconnect.mheducation.comtlow/connect.html tuff Research Paper D DQCOffice 365 CUNYfirst D CAMS a Microsoft Office H. UiZ 1 CUNyportal awac n WebAssign a Aplia My Courses Saved Help Save & E Melliio Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2018, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2038. Melllo's fiscal year ends on December 31. a-c. Record the issuance of the bonds and entries after the issue. (If no entry Is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars.)

Explanation / Answer

Jul-1-18 Cash 4900000 =5000000*0.98 Discount on Bonds payable 100000       Bonds payable 5000000 Dec-31-18 Interest expense 240000       Discount on Bonds payable 2500 =100000/40       Cash 237500 =5000000*9.5%/2 Jun-30-38 Interest expense 240000       Discount on Bonds payable 2500       Cash 237500 Jun-30-38 Bonds payable 5000000       Cash 5000000

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