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Learning Objectives 2, 3,4 P14-35A Analyzing and journalizing bond transactions On January 1, 2018, Educators Credit Union (ECU) issued 890, 20-year bonds payable with face
Learning Objectives 2, 3,4 P14-35A Analyzing and journalizing bond transactions On January 1, 2018, Educators Credit Union (ECU) issued 890, 20-year bonds payable with face value of $1,000,000. These bonds pay interest on June 30 and December 31 The issue price of the bonds is 109. Journalize the following bond transactions: a. Issuance of the bonds on January 1, 2018. June 30, 2018, Interest Expense $37,750 b. Payment of interest and amortization on June 30, 2018. c. Payment of interest and amortization on December 31, 2018 d. Retirement of the bond at maturity on December 31, 2037, assuming the last interest payment has alrcady been recorded
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