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(Solution) - Darigold Co produces and distributes fiber optic cable for use

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Darigold Co. produces and distributes fiber optic cable for use by telecommunications companies. Darigold Co. issued $18,000,000 of 15-year, 7% bonds on April 1 of the current year, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year:
May 1. Issued the bonds for cash at their face amount.
Nov. 1. Paid the interest on the bonds.
Dec. 31. Recorded accrued interest for two months.


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This question was answered on: Jul 11, 2017

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