(Solved by Humans)-Problem: In each of the following independent cases the company closes its books on December 31st 1.
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Problem: In each of the following independent cases the company closes its books on December 31st 1. O’Donnell Co. sells $250,000 of 4% (stated rate) bonds on March 1, 2011. The bonds pay interest on September 1 and March 1. The due date of the bonds is March 1, 2016. The bonds yield 6% (market rate). Give entries through March 1, 2013. 2. O’Brian Co. sells $600,000 of 7% bonds on June 1, 2011. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2016. The bonds yield 6%. On October 1, 2012, Brian buys back $120,000 worth of bonds for $126,000 (includes accrued interest). Give entries through December 31, 2013. Instructions - For the two cases above prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization. Construct the relevant amortization tables. Amortize premium or discount on interest dates and at year-end. (Assume that no reversing entries were made.)
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This question was answered on: 10 May, 2025
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