Bonds payable

On January 1, 2011, Janson Bottle Company sold $600,000 in long-term bonds for $555,370. The bondswill mature in 10 years and have a stated interest rate of 5% and a yield rate of 6%. The bonds pay interestsemi-annually on June 30 and December 31 of each year. The bonds are to be accounted for under theeffective interest method..Answer DateJan.1st2011Jun30th ParticularsCashDiscount on bonds payableBonds payable Amount $555,37044,630 600,000 Interest ExpenseDiscount on bondspayableCash 31stDec. Amount $…

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