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Prepare general journal entry to record the interest payment

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Question - On January 1, 2020, Logan Corporation sold $600,000 of 8% bonds at $570,000. The bonds are due on January 1, 2025 and pay interest semiannually every June 30 and December 31. The bonds were sold to yield a 10% effective rate.

Required -

(a) Prepare the general journal entry to record the sale of the bonds.

(b) Prepare the general journal entry to record the interest payment on June 30, 2020, assuming that Logan uses the effective interest method to amortize the bond discount.

(c) Prepare the general journal entry to record the interest payment on December 31, 2020, assuming that Logan uses the effective interest method to amortize the bond discount.

Reference no: EM132535620

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