Rodgers Corporation produces and sells football

equipment On July 1
Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers
Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of
10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on
December 31 and June 30. The fiscal year of the company is the calendar year.Instructions1.
Journalize the entry to record the amount of cash proceeds from the issuance of the bonds.2.
Journalize the entries to record the following:a. The first semiannual interest payment on
December 31, 2016, and the amortization of the bond premium, using the interest method.
(Round to the nearest dollar.)b. The interest payment on June 30, 2017, and the amortization of
the bond premium, using the interest method. (Round to the nearest dollar.)3. Determine the
total interest expense for 2016.View Solution:
Rodgers Corporation produces and sells football equipment On July 1
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football-equipment-on-july-1/

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