On the First Day of the Fiscal Year, a Company

question 164

Essay

On the first day of the fiscal year, a company issues a $800,000, 6%, 5 year bond that pays semi-annual interest of $24,000 ($800,000 x 6% x 1/2), receiving cash of $690,960. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method.

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Definitions:

Intersecting Systems

Intersecting Systems denote the convergence of multiple social categorizations like race, gender, class, and sexuality, which interact to shape individuals' experiences of oppression or privilege.

Black Lesbian

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Intersection

The concept of an overlapping or interconnecting of social identities and related systems of oppression, domination, or discrimination.

Darren Wilson

The police officer known for the shooting of Michael Brown in Ferguson, Missouri in 2014, an event that sparked widespread protests and debate over police violence.