Famina Corporation issued $8,000,000 in 8.5 percent, five-year bonds on March 1, 20x1, at 96. The semiannual
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Famina Corporation issued $8,000,000 in 8.5 percent, five-year bonds on March 1, 20x1, at 96. The semiannual interest payment dates are March 1 and September 1.
Prepare entries in journal form for the issue of the bonds by Famina on March 1, 20x1, and the first two interest payments on September 1, 20x1, and March 1, 20x2. Use the straight-line method and ignore year-end accruals. E-1
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