Problem:
Clavicle Techtronic's, Inc., is authorized to issue $3,600,000 in bonds on June1. The bonds carry a face interest rate of 9 percent, which is to be paid on June 1 and December 1.
1. Prepare entries in Journal form (Excel) for the issue of the bonds by Clavicle Techtronic's, Inc., under the assumptions that (a) the bonds are issued on September 1 at 100 and (b) the bonds are issued on June 1 at 105.