Reference no: EM133078252
Questions -
Q1. XYZ Company issued $500,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on June 30 and December 311. Dion Company uses the straight-line method of amortization for bond premium or discount. Instructions
Prepare the journal entries to record the following:
a. The issuance of the bonds.
b. The payment of interest and the related amortization on June 30, 2020.
c. The payment of interest and the related amortization on December 31, 2020.
Q2. The Colson Company issued $400,000 of 10% bonds at 96 on January 1, 2020. The bonds are due January 1, 2025 (5 years), with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Colson's journal entries for
(a) the January issuance
(b) the July 1 interest payment, and
(c) the December 31 adjusting entry.
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