Essay
Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.Use only one letter for each element.You do not need to enter amounts.
-On December 31,2016,Kirkland Co.paid cash for interest on bonds it had issued on January 1,2016 at 101 ½,and amortized part of the premium on bonds.Indicate the effects of the payment of interest and amortization of the premium.
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