Reference no: EM133002594
Problem 1: Prepare journal entries to record the following transactions relating to long-term bonds of Kirby, Inc. (Show computations.)
(a) On June 30, 2020, Kirby, Inc. issued $8,000,000, 6% bonds for $7,841,000. Interest is payable semiannually on June 30 and December 31 with the bonds maturing on July 1, 2030. The bonds are callable at 102.
(b) On December 31, 2020, Kirby paid interest on the bonds and recorded amortization. Kirby uses straight-line amortization.
(c) On December 31, 2022, Kirby paid interest and recorded amortization on all of the bonds, and purchased $5,000,000 of the bonds at the call price.
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