Reference no: EM132544807
Question - Two independent situations follow:
1. On January 1, 2020, Flounder Limited issued $260,000 of 10-year, 9% bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1.2.
2. On June 1, 2020, Shamrock Inc. issued at par, plus accrued interest, $201,000 of 10-year, 10% bonds dated January 1. Interest is payable semi-annually on July 1 and January 1.
Required -
1. Prepare journal entries to record the issuance of the bonds.
2. Prepare journal entries to record the payment of interest on July 1.
3. Prepare journal entries to record the accrual of interest on December 31.
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Prepare journal entries to record the issuance of the bonds
: On January 1, 2020, Flounder Limited issued $260,000 of 10-year, 9% bonds at par. Prepare journal entries to record the issuance of the bonds
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