Sanford Co. sells $518,000 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due dat...
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Sanford Co. sells $518,000 of 10% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2017. The bonds yield 12%.
Prepare all of the relevant journal entries from the time of sale until the date indicated. (Assume that no reversing entries were made.)
P.s. can you please show me how it's done. How you get the equations and why the accounts are posted the way they are?