Reference no: EM133172056
Question - On July 1, 2020, Davis Corp. issued $800,000 par value, 10%, 10-year bonds, with interest payable semi-annually on January 1 and July 1. The bonds were issued for $ 708,722. On January 2, 2022, Davis offered to buy back the bonds at 103. Forty percent of the bondholders accepted the offer. Davis 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, 2020, the end of the fiscal year.
c) Prepare the entry for the interest payment on January 1, 2021.
d) Prepare the entry to record the retirement of the bonds on January 2, 2022.
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