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Aweig Aweig
wrote...
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5 years ago
Prepare Journal entry to record the interest payment on the first interest date of 31 December
20X4. Also record the related equity transfer.
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
Authors:
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Replies
wrote...
5 years ago
Interest expense (5,368,064 x 8%) 429,445
Interest liability on subordinated debentures 429,445
Interest liability on subordinated debentures 800,000
Cash ($10,000,000 x 8%) 800,000
Retained earnings ($4,631,936 x 8%) 370,555
Share equity  subordinated debentures 370,555
Aweig Author
wrote...
5 years ago
Exactly what I needed for my project, TYSM
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