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Prepare the journal entries to record the issue

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Reference no: EM133143103

Question - A company issued $250,000 of 8%, 15-year bonds at 105 on July 1, 2007. Interest is payable semi-annually on December 31 and June 30. Through June 30, 2014, company amortized $5,186 of the bond premium. July 1, 2014, company retired the bond at 98.

Cash 

250,000

Premium 

12,500

Bond Payable

262,500

Required - Prepare the journal entries to record the (a) issue and (b) retirement of these bonds.

Reference no: EM133143103

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