Prepare journal entries to record the events

Reference no: EM131830734

Question: On January 1, Kirkland Company issued $300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1.

Instructions: Prepare journal entries to record the following events.

(a) The issuance of the bonds.

(b) The accrual of interest on December 31.

Reference no: EM131830734

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