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Prepare the journal entry to record the issuance of the bond

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Reference no: EM132887503

Question - On January 1st, 2021 Regency Corporation issued $190,000,000 of 15-year, 8% bonds at 94. Interest on the bonds is payable on March 31st, June 30th, September 30th, and December 31st.  The company's fiscal year is the calendar year.

Required -

1.  Prepare the journal entry to record the issuance of the bond.

2.  Prepare the journal entry to record the 1st interest payment.

3.  Prepare the presentation of the bond on the 12/31/2021 balance sheet.

Reference no: EM132887503

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