Reference no: EM132569654
Question - On July 1, 2011, Markov Corp. issued $400,000 par value, 10%, 10-year bonds dated July 1, 2011, with interest payable semi-annually on January 1 and July 1. The bonds were issued for $454,361. On January 1, 2013, Markov offered to buy back the bonds for 4 points above the market value of the bond, which was 99 at that date. Forty percent of the bondholders accepted the offer. Markov uses the effective interest method of amortizing premium or discount.
Required -
(a) Prepare the journal entry to record the bond issuance.
(b) Prepare the adjusting entry at December 31, 2011, the end of the fiscal year.
(c) Prepare the entry for the interest payment on January 1, 2012.
(d) Record the retirement of the bonds on January 1, 2013.
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