Business, 18.06.2020 20:57 ecarter8967

Doyle Company issued a $500,000 of 10year, 7% bonds on January 1, 2016. The bonds were issued at facevalue. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue inland. The land was leased for an annual $125,000 cash revenue, which was collected on December 31 of each year, beginning December21, 2016.Prepare the journal entries for these events, and post them toT-accounts for 2016 and 2017.Prepare the income statement, balance sheet and statement ofcash flows for 2016 and 2017.

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Doyle Company issued a $500,000 of 10year, 7% bonds on January 1, 2016. The bonds were issued at fac...

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