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Prepare the journal entry to record the payment of interest

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Kingbird Inc. issued $930,000 of 9.20%, 20-year bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. Kingbird Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 9.00%. (With a market rate of 9.00%, the issue price would be slightly higher. For simplicity, ignore this.)

Question 1: Prepare the journal entry to record the issuance of the bonds.

Question 2: Prepare the journal entry to record the payment of interest and the related amortization on July 1, 2020.

Question 3: Prepare the journal entry to record the accrual of interest and the related amortization on December 31, 2020.

Reference no: EM132462276

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