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Please help with bond transactions below
a. 3 journal entries for the issuance of the 3 bonds on Jan 1 and July 1
b. Journal entry for the payment of interest on July 1 for the bonds issued on Jan 1, assuming no prior accrual ( show amortization of the premium)
c. Journal entries for the accrual of interests on December 31 for all 3 bonds ( show amortization of any premium or discount
On January 1: issued $10,000 of 6%, 5-year bonds at 102. Straight-line amortization method is used. IntereIt is payable semi-annual on July 1 and Jan1. On July 1: issued $500,000 of 10%, 10-year bonds at 88.5. Straight-line amortization method is used. Interest is payable semi-annual on July 1 and Jan1. On July 1: issued $10,000 of 8%, 10-year bonds for $10,853 cash. Straight-line amortization method is used. IntereIt is payable semi-annual on July 1 and Jan1.
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