Bond transactions, On January 1, 2014, professor Credit

Bond transactions

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Reference no: EM13787534

On January 1, 2014, professor Credit Unions (PCU) issued 8% 20-years bonds payable with face value of 500,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 109.

Journalize the following bond transactions:

A) Issuance of the bonds on January 1, 2014.

B) Payment of interest and amortization on June 30, 2014.

C) Payment of interest and amortization on December 31, 2014.

D) Retirement of the bond at maturity on December 31, 2033.

Reference no: EM13787534

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