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Prepare the general journal entry to record issuance bonds

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Question 1 - On January 1, 2009, the Plimpton Corporation leased some equipment on a 2-year lease, paying $15,000 per year each December 31. The lease is considered to be an operating lease. Prepare the general journal entry to record the first lease payment on December 31, 2009.

Question 2 - Martin Corporation issued $3,000,000 of 8%, 20-year bonds payable at par value on January 1, 2009. Interest is payable each June 30 and December 31.

(a) Prepare the general journal entry to record the issuance of the bonds on January 1, 2009.

(b) Prepare the general journal entry to record the first interest payment on June 30, 2009.

Reference no: EM133186125

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