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Question - Southern B.C. Railway Tours (SBC) sells $5,000,000 of 8- year, 4% bonds for $5,009,400 plus accrued interest. The bonds are dated January 1, 2019 but due to market conditions are not issued until March 1, 2019. Interest is payable on June 30 and December 31 each year. SBC elects to report its financial results in accordance with ASPE and employs the straight-line method to amortize any bond premium or discount.
Required - Prepare the journal entries required to record the following:
a) The issuance of the bonds on March 1, 2019;
b) Payment of interest on June 30, 2019;
c) Payment of interest on December 31, 2019.
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