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Prepare necessary journal entries relate to bonds on march

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On March 1, 2019, Iron Inc., a public company, issued $800,000, 10%, 10-year bonds dated March 1, 2019, with interest payable semi-annually on March 1 and September 1. The market yield at issuance is 8%.

On May 1, 2020, Iron retired $200,000 of these bonds at 101 plus accrued interest. Iron's fiscal year end is December 31.

Required:

Problem (a) Prepare the necessary journal entries relating to the bonds for 2019, including any year end adjusting entries.

Problem (b) Prepare the necessary journal entries relating to the bonds on March 1 and May 1, 2020.

Reference no: EM132619031

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