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Prepare journal entries to record the transactions

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Question - Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.

(a) On April 1, 2019, Quirk issued $2,000,000, 9% bonds for $2,151,472 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2029.

(b) On July 1, 2021 Quirk retired $600,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.

Reference no: EM132917887

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