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Fill in blanks please Kiwi Corporation issued at par $350,000, 5% bonds on January 1, 2020. Interest is paid annually on December 31. The principal
Fill in blanks please Kiwi Corporation issued at par $350,000, 5% bonds on January 1, 2020. Interest is paid annually on December 31. The principal and the final interest payment are due on December 31, 2021. Required: 1. Prepare the entry to recognize the issuance of the bonds. 2020 Jan. 1 Cash Bonds Payable Record issuance of bonds at par. Feedback I Check My Work 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2. Prepare the journal entry for December 31, 2020. 2020 Dec. 31 Interest Expense Cash Record interest expense 3. Prepare the journal entry to record repayment of the principal on December 31, 2021. 2021 Dec. 31 Bonds Payable Cash Record repayment if bond principal
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