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Make the journal entries to record bond issue on december

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On January 1 ,2018 Surreal Manufacturing issued 630 bonds with a face value of 1,000a stated interest rate of 3 percent paid annually on December 31 and a maturity date of December 31,2020 On the issue date the market interest rate was 4 percent so the total proceeds from the bond issue were $612,519 .Surreal uses the the simplified effective interest bond amortization method for rounding errors when recording interest in the final year .

Problem 1: Prepare the journal entries to record the bond issue, the interest payments on December 31,2018 and 2019 the interest and face value payment on December 31,2020 and the bond retirement. Assume the bonds are retired on January 1, 2020 a price of 101

Reference no: EM132807655

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