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Prepare the journal entries to record payment of interest

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Question - Kingbird Inc. issued $712,000 of 20-year, 10% bonds on January 1, 2020, at 103. Interest is payable semi-annually on July 1 and January 1. The company follows ASPE and uses the straight-line method of amortization for any bond premium or discount.

Prepare the journal entries to record the following:

1. The issuance of the bonds.

2. The payment of interest and the related amortization on July 1, 2020.

3. The accrual of interest and the related amortization on December 31, 2020.

Reference no: EM132858153

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