On january 1 durkin limited issues 9 20 year bonds payable

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On January 1, Durkin Limited issues 9%, 20 year bonds payable with a maturity value of $70,000. The bonds sell at 97 and pay interest on January 1 and July 1. Durkin amortizes bond discount by the straight line method.

REQUIREMENTS:

1) Journalize the issuancce of the bonds on January 1.

2) Journalize the semiannual interest payment and amortization of bond discount on July 1.

Reference no: EM13604429

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