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Prepare the journal entries to record the issuance of bonds

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1. Synergy Corporation is authorized to issue $1,200,000 of 8% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, 2016, and are due December 31, 2021.

Required: Prepare the journal entries to record the following: a. January 1, 2016Sold the bonds at par b. June 30, 2016 First interest payment c. December 31, 2016Second interest payment

2. Bryan Company issued $500,000 of 10% face value bonds on January 1, 2016, for $486,000. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and December 31. Bryan uses the straight-line amortization method.

Required: Prepare the journal entries to record the issuance of the bonds and the first two interest payments.

3. On January 1, 2016, Hackman Corporation issued $1 million face value 12% bonds dated January 1, 2016, for $1,023,000. The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2020. Hackman uses the straight-line amortization method.

Required: Record the issuance of the bonds and the first two interest payments.

Reference no: EM131873561

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