Practice Problem 2
The total discount of $10,000 is amortized over 10 years. Since interest is paid twice a year, the amount of discount amortized at the time of each interest payment = $10,000/20 = $500. Journal Entries for 2001. DATE ACCOUNT DEBIT CREDIT 2001 Jan. 1 Interest Payable. Cash 20,000 20,000 Jul. 1 Interest Expense. Cash. Discount on Bonds Payable 20,500 ................
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