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Prepare journal entries to record transactions

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Question - On April 1, 2014, Chico issued $600,000, 9% bonds (dated January 1, 2014) for $645,442 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2024.

On July 1, 2016, Chico retired 30% of the bonds at 102 plus accrued interest. Chico uses straight-line amortization.

Instructions - Prepare journal entries with explanations to record the above transactions related to Chico Ltd.'s long-term bonds.

Reference no: EM132564570

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