Bonds issued at a premium bunkichi corporation issued the

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Reference no: EM13453966

Bonds Issued At A Premium Bunkichi Corporation issued the following bonds at a premium:

Date of issue and sale March 1, 20

Principal amount $800,000

Sale price of bonds 103

Denomination of bonds $1,000

Life of bonds 10 years

Stated rate 8% payable semiannually on August 31 and February 28

1. Prepare journal entries for:

a. Issuance of bonds at a premium

b. Interest payment and premium amortization on the bonds on August 31, 20.

c. Year end adjustment on the bonds for20-1.

d. Reversing entry for the beginning of 20-2.

e. Interest payments and premium amortization on the bonds for 20-2

2. Calculate the carrying value of the bonds on August 31, 20-2

Reference no: EM13453966

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