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Prepare the journal entry to record the issuance of bonds

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Question - X Corporation issued 10%, $600,000, 10-year bonds for $570,000 on June 30, 2021. Debt issue costs were $3,500. Interest is paid semi-annually 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 $575,000. The corporation uses the straight-line method to amortize premium or discount and debt issue costs.

Required - Prepare the journal entry to record the issuance of the bonds, the payment of interest and amortization of premium or discount and debt issue costs on December 31, 2021 & June 30, 2022, and the call of the bonds.

1. Record the issuance of the bonds.

2. Record the payment of interest.

3. Record the payment of interest.

4. Record the call of the bonds.

Reference no: EM132785901

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