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On June 30, 2020, Helmer Corp. issued $500,000 in long-term bonds. The bonds will mature in 10 years and have a stated interest rate of 8%. The market rate at time of issue was 10%. The bonds pay interest semi-annually on June 30 and December 31. On September 30, 2022, Helmer decided to retire 20% of the bonds. At that time, the bonds were selling at 98. Helmer follows IFRS.
Instructions
Question 1: Provide all entries related to the issuance of the bonds and payments of interest to June 30, 2022.
Question 2: Prepare the journal entries to record the partial retirement on September 30, 2022. This question is easier to do if you make an amortization table in Excel.
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