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Prepare Marigold Corp journal entry

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Question - On April 1, 2020, Marigold Corp. sold 12,300 of its $1,000 face value, 15-year, 12% bonds at 92. Interest payment dates are April 1 and October 1. The company uses the effective interest method. On March 1, 2021, Marigold extinguished 3,075 of the bonds by issuing 95,900 shares. At this time, the accrued interest was paid in cash to the bondholders whose bonds were being extinguished. In a separate transaction on March 1, 2021, 120,000 of the company's shares sold for $32 per share.

Required - Prepare Marigold Corp.'s journal entry to record the issuance of the bonds on April 1, 2020.

Reference no: EM132842789

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