question borough of manhattan community college the city university of new york acc 4305260

question borough of manhattan community college the city university of new york acc 4305260

Question

BOROUGH OF MANHATTAN COMMUNITY COLLEGE The City University of New York ACC 222 TEST REVIEW Prof. Carroll I. On April I, 2014 Cowell Company issued $3,000,000, 20-year, 5% bonds at 95 so that investors would receive a 6% return on their investments. Interest is payable semi-annually. A) Record the journal entry for April 1, 2014 BO Record the journal entry for September 30 2014 (straight-line-method of amortization) C) Same as B except use the effective interest method. D) E Record the necessary closing entry. II. same set of facts as above but what if the above bond was issued at 105 with a stated rate of 6% but was priced so that investors received a 5% return III. Go back to Part I's facts. a) Make the journal entry if the bond were to be retired on April 1, 2016 at 101. b) Same as a) but what if it were to be retired on April 1, 2019. us B

 

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