Refer to the information for Sicily Corporation below. Sicily Corporation issued $300,000 in 5% bonds (payable on

Question:

Refer to the information for Sicily below.
Sicily issued $300,000 in 5% bonds (payable on December 31, 2029) on January 1, 2020, for $257,363. Interest is paid on June 30 and December 31. The market rate of interest is 7%.
Required:
Prepare the journal entries for December 31, 2020 and 2021.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...