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.
This question was answered on: Jul 11, 2017
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