Entries for bonds payable

Reference no: EM13151297

Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Titus Co.:

January 1

Issued $600,000 face value, 8%, 5-year bonds for $651,000, a 6% yield. Interest is payable semiannually on January 1 and July 1. The bonds are callable at 102.

July 1

Paid semiannual interest on the bonds. Use effective-interest amortization of any discount/premium.

December 31

Accrued semiannual interest on the bonds.

Reference no: EM13151297

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