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Home Q & A Board Other Fields Homework Help Business Accounting
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Harrison Harrison
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6 years ago
On July 1, 2013, Cargo Corporation issues $4,000,000 of 10-year bonds dated July 1, 2013, at 100 1/2 when the market rate of interest was 8%. Cargo Corporation uses the effective-interest method of amortization. Interest is paid each June 30 and December 31. The entry to record the first semi-annual interest payment on December 31, 2013, will include a:
A) debit to Premium on Bonds Payable for $321,600
B) credit to Premium on Bonds Payable for $320,000
C) debit to Interest Expense for $160,800
D) credit to Interest Payable for $160,000
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
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msayed2004msayed2004
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