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Prepare the general journal entry to record the issuance

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Question - Candy Cane Corporation issued 12%, 20-year bonds with a par value of $7,000,000 on January 1, Year 1. Interest is to be paid semi-annually on each June 30 and December 31. The bonds are issued at $7,278,050 cash when the market rate for this bond is 10%.

Required -

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

(b) Assume that Acme uses the straight-line method of amortization of any discount or premium on bonds. Prepare the general journal entry to record the first semiannual interest payment on June 30, Year?

Reference no: EM132784695

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