Q1) Block Company issued 20,000 10 year bond on 7/1/2008 when market rate was= 6.5%. Suppose that accounting year of Block Company ends on December. Journalize given transactions.
a) Issuance of the bond on 7/1/2008
b) Accrual of the interest expense on 12/31/2008
c) Payment of interest on 1/1/2009
d) Payment of the bond at maturity