Reference no: EM132563371
Question 1 - A company previously issued $2,000,000, 10% bonds, receiving a $120,000 premium. On the current year's interest date, after the bond interest was paid and after 40% of the total premium had been amortized, the company purchased the entire bond issue on the open market at 98 and retired it.
Prepare the journal entry to record the retirement of these bonds.
Question 2 - On January 1, Year 1 a company borrowed $70,000 cash by signing a 9% installment note that is to be repaid with 4 annual year-end payments of $21,607, the first of which is due on December 31, Year 1.
1) Prepare the company's journal entry to record the note's issuance.
2) Prepare the journal entries to record the first and second installment payments.
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