Athabasca Company sells $100,200 of 17%, 17-year bonds for 88 on April 1, 2020. The market rate of interest on that $17-12% day is 17%. Interest is paid each year on April 1. Athabasca Company uses the straight-line amortization method. Write the adjusting entry required at December 31, 2020. (Record debits first, then credits. Explanations are not required. Hold all decimals for interim calculations. Round your final answers to the nearest whole dollar.) Date Dec. 31, 2020 Accounts Debit Credit

Athabasca Company sells $100,200 of 17%, 17-year bonds for 88 on April 1, 2020. The market rate of interest on that $17-12% day is 17%. Interest is paid each year on April 1. Athabasca Company uses the straight-line amortization method. Write the adjusting entry required at December 31, 2020. (Record debits first, then credits. Explanations are not required. Hold all decimals for interim calculations. Round your final answers to the nearest whole dollar.) Date Dec. 31, 2020 Accounts Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 16E

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