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Really Amazing Vacations Ltd.issues $1,000,000 of ten-year,10% bonds dated January 1,2012.Interest is payable on January 1 and July 1 each year.The proceeds realized from the issue were the $1,048,801 sales price less the $80,000 fee charged by Really Amazing's investment bank.Really Amazing's year-end is December 31.
Requirement:
Prepare journal entries:
a.The issuance of the bonds.
b.Payment of interest and related amortization on July 1,2012.
c.Accrual of interest and related amortization on December 31,2012.
CEO
Chief Executive Officer; the highest-ranking executive in a company, responsible for making major corporate decisions and managing the overall operations and resources.
Internal Revenue Service
The United States governmental body in charge of collecting taxes and enforcing tax legislation.
Experimentation
The act of conducting tests or trials to explore effects of actions or to discover new information, often used in research, product development, and problem-solving.
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Initiatives or sets of activities introduced within an organization or community to address specific goals or problems.
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