Record sale of bonds on january and the payment of interest, Financial Accounting

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Record sale of bonds on january and the payment of interest

Problem

Alana Company sold bonds with a face value of $600,000 for $580,000. The bonds have a coupon rate of 10 percent, mature in 10 years, and pay interest semiannually every June 30 and December 31.

All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on January 1 and the payment of interest on June 30 of this year. Alana uses the straight-line amortization method.

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Financial Accounting: Record sale of bonds on january and the payment of interest

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Financial Accounting: Record sale of bonds on january and the payment of interest

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