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Record the issue of the bonds on january

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Tarawa Limited issued $1,280,000 of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $1,184,789 when the bonds were issued. Interest is payable semi-annually on July 1 and January 1. Tarawa has a December 31 year end.

Question 1: Record the issue of the bonds on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Question 2: Record the payment of interest on July 1. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132489791

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