Question - Saylor Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.
Required - Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 98.