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Prepare the journal entries to record their issuance

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Question - The Gorman Group issued $840,000 of 11% bonds on June 30, 2021, for $912,072. The bonds were dated on June 30 and mature on June 30, 2041 (20 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on December 31 and June 30.

Required - Prepare the journal entries to record their issuance by The Gorman Group on June 30, 2021, interest on December 31, 2021 and interest on June 30, 2022.

Reference no: EM132748569

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