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Prepare the general journal entries for the three bonds

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Reference no: EM132348510

Ziggy Corporation had the following bond transactions during the fiscal year 2018:

  1. On January 1: issued ten $20,000 bonds at 102. The 5-year bonds are dated January 1, 2018. The contract interest rate is 5%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.
  2. On July 1: Ziggy Corporation issued $500,000 of 6%, 10-year bonds. The bonds dated January 1, 2018 were issued at 90, and pay interest on July 1 and January 1. Straight-line amortization method is used.
  3. On October 1: issued 10-year bonds $10,000 face value bonds, for $10,985 cash. The bonds have a stated rate of 5%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.

Requirements: Prepare the general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2018. (Round all calculations to nearest whole dollar.)

Reference no: EM132348510

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