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Question 1: Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Glendale Corp. Show calculations and round to the nearest dollar.
March 1 Issued $200,000 (face value) 8% bonds for $218,040, including accrued interest. Interest is payable semi-annually on December 1 and June 1 with the bonds maturing 10 years from the previous December 1. The bonds are callable at 102.
June 1 Paid semi-annual interest on the bonds. Use straight-line amortization for any premium or discount.
December 1 Paid semi-annual interest on the bonds, and then purchased $100,000 face value bonds at the call price in accordance with the provisions of the bond indenture.
Show all calculations
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