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Reconstruct the entry made to record the issuance of bonds

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Question - Gaudette Inc. issued 3-year, 12-per cent bonds on January 1, 2019, the date of bond authorization. Semi-annual interest is payable on June 30 and December 31. Gaudette uses the straight-line method of amortization. The following journal entry records the payment of interest on December 31, 2019:

2019

Dec. 31 Interest Expense 17,900

Premium on Bonds 100

Cash 18,000

Required: Reconstruct the entry made to record the issuance of bonds on January 1, 2019.

Reference no: EM132432176

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