Reference no: EM132876616
Question - Valor Ltd. issued $2,000,000 of 6%, 10 year bonds on September 30, 2020 when the effective interest rate was 8%. The bonds pay interest semi-annually on June 30 and December 31. The firm uses the effective interest method of amortizing discounts and premiums.
Immediately after the interest payment, on June 30, 2021, 70% of the bonds were called in at 98 and retired. Round to the nearest dollar.
(a) Prepare journal entries for the following:
September 1, 2020 Issuance of bonds.
December 31, 2020 Payment of interest.
June 30, 2021 Payment of interest.
June 30 2021 Retirement of 70% of the bonds.
(b) Calculate interest expense for December 31, 2021. Journal entry is not required.
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