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Kiwi Corporation issued at par $350,000, 9% bonds on January 1, 2020. Interest is paid annually on December 31. The principal and the final interest
Kiwi Corporation issued at par $350,000, 9% 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 Record issuance of bonds at par. 2. Prepare the journal entry for December 31, 2020. 2020 Dec. 31 Record interest expense 3. Prepare the journal entry to record repayment of the principal on December 31, 2021. 2021 Dec. 31 Record repayment of bond principal
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