Question

(3) the stock has a
2 On March 1, 2011. Fast Freight Company sold Rs. 400,000 of its 9 percent, 20-year
bonds at 1099. The semiannual interest payment dates are March 1 and September 1
The market interest rate is 8 percent. The firm's fiscal year ends August 31. Prepare
entries in journal form to record the sale of the bonds on March 1, the accrual of
interest and amortization of premium on August 31, and the first interest payment on
September 1. Use the effective interest method to amortize the premium​

Answer 1

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