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Prepare the general journal entries

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Question - On May 1, 2017 Arnes Producers issued $1.660,000, 4%, 6 year bonds. The bonds were dated January 1, 2017 and were sold to investors at par plus accrued interest when the market rate was 4%. The bond interest is paid semi-annually. Arnes Producers year end is December 31.

Note: Round your answers to the nearest dollar.

Required - Prepare the general journal entries for the following:

a) Issuance of the bonds on May 1, 2017.

b) Interest payment to the bondholders on June 30, 2017.

Reference no: EM132596109

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