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Reconstruct the journal entry made to record the issuance

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

2019

June 30 Interest Expense  17,000

Cash                              16,500

Discount on Bonds               500

Required:

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

Reference no: EM132485616

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