Amoruso Co._Journal entries for Bonds payable

| June 11, 2016

Question

Amoruso Co. produces and distributes semiconductors for use by computer manufacturers. Amoruso Co. issued $7,500,000 of 15-year, 10% bonds on April 1 of the current year at face value, with interest payable on April 1 and October 1. The fiscal year of the company is the calendar year.

Required Journal entries-

April 1. Issued the bonds for cash at their face value

Oct. 1 Paid the interest on the bonds

Dec. 31 Recorded accrued interest for three month.

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