Financial and Managerial Accounting: Ex12-5 Grodski Co. produces and distributes semiconductors
Financial and Managerial Accounting Ex12-5 Entries for issuing bonds Grodski Co. produces and distributes semiconductors for use by computer manufacturers. Grodski Co. issued $24,000,000 of 20-year, 10% bonds on April 1 of the current year, with interest payable on April and october1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year: Apr. 1. Issued the bonds for cash at their face amount Oct 1. Paid the interest on the bonds. Dec 31. Recorded accrued interest for the three months.