Jan 1, 2015, L issued 700 bonds, each with a face value of $1,000, =700,000 maturity date of December 31, 2017.
stated interest rate of 6% paid annually on December 31
market interest rate was 7 percent, so the total proceeds from the bond issue were $681,631. L uses the straight-line bond amortization method
Journal entries for these 5 events
Record the issuance of 700 bonds at face value of $1,000 each for $681,631.
Record the interest payment on December 31, 2015.
record the interest payment on Dec 31 2016
Record the interest and face value payment on December 31, 2017.
record the retirement of the bonds at quoted price of 97 assuming retired Jan 1 2017
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