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Question - On Jan 1, 2020, Abbott Corporation sold $3,000,000 of 12 percent, 10-year bonds. On that date the market rate was 11%. Abbot uses Straight line Amortization. Interest is payable annually on Dec. 31. After the December 31, 2023 interest payment, the bonds were redeemed at a price of 103.
Required -
a) Using the present value tables, compute the bond issue price as a percentage of the face value of the bonds.
b) Prepare the required journal entries that Abbott must make for the years 2020 through 2023 to record the interest payments.
c) Prepare the required general journal entry to record the redemption of the bonds.
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