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Question - On December 31, 20x5, the Kollova Corporation, a publicly accountable entity, issued $6,000,000, 4% 20 year bonds. The bonds pay interest semi-annually on June 30 and December 31. The bonds were issued to yield 3.6%.
Required -
a) Prepare the journal entries relative to this bond for the years ended December 31, 20x5 and 20x6.
b) On December 31, 20x8, immediately after the December interest payment was made, Kollova repurchased 10% of the bonds on the open market at 102. Prepare the journal entry to record the repurchase of the bond.
c) Assume now that Kollova is a private company subject to ASPE and chooses to account for interest expense using the straight-line method. Prepare the journal entry to record the June 30, 20x7 interest payment.
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