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Prepare the the entry for jin company to record issue

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Question

Genlink Investment Banking Ltd. organized a bond issue for the Jin Company. The size of the issue was $2,000,000 with a stated interest rate of 6% payable on June 1 and December 1, for each of the next ten years. The bonds were issued on August 1, 2017 with Jin Company receiving 89.5. Jin Company amortizes bond premiums and discounts using the effective-interest method. On the date of the issue the market interest rate was 7.5% Prepare the following journal entries:

1) The entry for Jin Company to record the August 1, 2017 issue.

2) The entry on December 1, 2017.

3) The December 31,2017 adjusting entry.

Reference no: EM132322387

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