The following section is taken from Pharoah’s balance sheet at December 31, 2020.
Curre...
Business, 06.03.2020 20:28 Carrchris021
The following section is taken from Pharoah’s balance sheet at December 31, 2020.
Current liabilities
Interest payable $54,000
Long-term liabilities
Bonds payable (10%, due January 1, 2024) 540,000
Interest is payable annually on January 1. The bonds are callable on any annual interest date.
Journalize the payment of the bond interest on January 1 2021
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