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Marin Corporation issued $470,400 of 7% bonds on November 1, 2025, for $499,520. The bonds were dated November 1, 2025, and mature in 8 years, with interest payable each May 1 and November 1. Marin uses the effective-interest method with an effective rate of 6%.

Marin Corporation issued $470,400 of 7% bonds on November 1, 2025, for $499,520. The bonds were dated November 1, 2025, and mature in 8 years, with interest payable each May 1 and November 1. Marin uses the effective-interest method with an effective rate of 6%.

Intermediate Accounting: Reporting And Analysis
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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Marin Corporation issued $470,400 of 7% bonds on November 1, 2025, for $499,520. The bonds were dated November 1, 2025, and mature in 8 years, with interest payable each May 1 and November 1. Marin uses the effective-interest method with an effective rate of 6%. Click here to view factor tables. Prepare Marin's December 31, 2025, adjusting entry. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Transcribed Image Text:Marin Corporation issued $470,400 of 7% bonds on November 1, 2025, for $499,520. The bonds were dated November 1, 2025, and mature in 8 years, with interest payable each May 1 and November 1. Marin uses the effective-interest method with an effective rate of 6%. Click here to view factor tables. Prepare Marin's December 31, 2025, adjusting entry. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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