Hrabik corporation issued 600000 9 10 year bonds on january

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Reference no: EM13389942

Hrabik Corporation issued $600,000, 9%, 10 year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1. Hrabik uses the effective-interest method to amortize bond premium or discount.

Instructions

Prepare the journal entries to record the following. (Round to the nearest dollar.)

(a) The issuance of the bonds.

(b) The payment of interest and the discount amortization on July 1, 2011, assuming that interest was not accrued on June 30.

Reference no: EM13389942

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