On January 2, 2014, Mahoney Sales Issued $10,000 in Bonds

question 45

Essay

On January 2, 2014, Mahoney Sales issued $10,000 in bonds for $9,400. They were 5-year bonds with a stated rate of 4%, and pay semiannual interest payments. Mahoney Sales uses straight-line method to amortize bond discount. Please provide the journal entry for the first interest payment on June 30, 2014.

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Definitions:

Self-Control

The capability of regulating emotional states, cognitive processes, and behaviors in situations involving temptations and instinctual drives.

Components

Fundamental parts or elements of a system, machine, or piece of equipment that are essential to its function and operation.

Self-Compassion

Refers to the practice of being kind and understanding to oneself in instances of pain or failure, rather than being harshly self-critical.

Clothing

Items worn on the body, typically made from fabrics or textiles, but can also include items made from animal skin or other thin sheets of materials put together, serving purposes from protection to cultural expression.