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Prepare the journal entry to record the issuance of bonds

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Question - Mitsudome Corporation issued 12%, $580,000, 10-year bonds for $552,000 on June 30, 2021. Debt issue costs were $3,300. Interest is paid semiannually on December 31 and June 30. One year from the issue date (July 1, 2022), the corporation exercised its call privilege and retired the bonds for $560,000. The corporation uses the straight-line method both to determine interest expense and to amortize premium or discount.

Required - Prepare the journal entry to record the issuance of the bonds, the payment of interest and amortization of premium or discount on December 31, 2021, and the call of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the issuance of the bonds.

Record the payment of interest.

Record the call of the bonds.

Reference no: EM132733042

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