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The Board of Directors of Farrell Communications LTD Authorizes The
The Board of Directors of Farrell Communications LTD Authorizes The
The board of directors of Farrell Communications Ltd. authorizes the issuance of 6 percent,
20-year bonds with a maturity value of $10,000,000. The semi-annual interest dates are March
31 and September 30. The bonds are issued through an underwriter on April 30, 2017, at par
plus accrued interest. Farrell's year end is December 31.
Required
2. Report interest payable and bonds payable as they would appear on the Farrell
Communications Ltd. balance sheet at December 31, 2017.
3. Why do we need to accrue interest on April 30 and again on December 31, twice in 2017?
ANSWER
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