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Record the third interest payment on november

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Reference no: EM132844243

On May 1, 2021, Teal Mountain Construction Ltd. issued $850,000 of 20-year, 6% bonds at 100. The bonds pay interest semi-annually on November 1 and May 1. Teal Mountain has a calendar year end.

Problem 1: Record the issuance of the bonds on May 1, 2021.

Problem 2: Record the first interest payment on November 1, 2021.

Problem 3: Adjusting entry required at December 31, 2021.

Problem 4: Record the second interest payment on May 1, 2022.

Problem 5: Assume that on May 1, 2022, immediately after paying the semi-annual interest, Teal Mountain redeemed 50% of the bonds at 98. Record the redemption of the bond.

Problem 6: Record the third interest payment on November 1, 2022, for the remaining bonds.

Reference no: EM132844243

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