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Record the necessary journal entries on January

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Question - On January 1, 2017, Spartan Corp. issued at 94, 4% bonds with a par value of $500,000, due in 5 years. Interest is payable semiannually on June 30 and December 31 of each year. In addition, Spartan incurred bond issue costs totaling $8,000. 4 years after the issue date, On January 1, 2021, Spartan calls the entire issue at 102 and cancels it. Spartan amortizes discounts/premiums, using the straight-line method.

Required - Record the necessary journal entries on

(1) January 1, 2017.

(2) June 30 and December 31, 2017.

(3) January 1, 2021.

Reference no: EM132525119

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