Reference no: EM133104583
Question - Stilton Hotels Inc. issued 15-year bonds dated July 1, 2021. The bonds were issued on October 1, 2021, with accrued interest. Interest was payable on the bonds on January 1 and July 1 of each year. The company's year-end was December 31. Stilton followed ASPE and chose to use the straight-line amortization method. On June 30, 2024, Stilton retired a portion of the bond issue, paying any accrued interest at that date. Additional information pertaining to the bond issue follows:
Face value of bonds 5,300,000
Issue price of bonds 102
Bond coupon rate 7%
A portion of bond issue retired 26%
Bond retirement (repurchase) price 99
Required -
1. Make the journal entry for the issuance of the bonds on October 1, 2021.
2. Make any journal entries required on December 31, 2021 and July 1, 2022.
3. Make any journal entries required for the retirement of a portion of the bond issue on June 30, 2024.
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