There are three independent situations summarized below.In all three cases the bonds are sold on January 1,2016 and the issuing company has a December 31 year-end.In situation three,the bonds were all repurchased at par on January 1,2020.
Required:
Prepare journal entries to record:
a.The issuance of the three bonds.
b.Payment of interest and related amortization on December 31,2016.Prepare the amortization table to help you.
c.Retirement of the situation 3 bond on January 1,2020.
Definitions:
Simple Events
Events in probability that consist of a single outcome and cannot be broken down into simpler components.
Individual Outcome
The result or final state of a single observation or experiment, which can vary between instances in a study or trial.
Constitute
To compose or form something, often used in a legal or formal context to indicate the components that make up a whole.
Probabilities
Measures the likelihood of an event occurring, ranging from 0 to 1.
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