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Discuss record the issuance of the bonds

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Jake's SAT prep, Inc. ("Jake") issued a $2 million of 15-year,5.0 percent bonds on May 1, 2017, at 96. Interest is due on June 30 and December 31 of each year, and all of the bonds issue mature on april 30, 2032. Jakes annual fiscal period ends on May 31. Record the following journal entries:

1) On May 1 2017: Record the issuance of the bonds

2) On june 30, 2017: record the payment of interest and amortization of the bond discount

3) on december 31, 2017: record the payment of interest and amortization of the bond discount.

4) on april 30,2032: record the payment of interest, amortization of the bond discount, and retirement of the bonds at maturity. (make two separate entries)

Reference no: EM131749359

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