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Maritime Industries Ltd. Had the following transactions between 2020 2030: 2020 Jan. 1 Issued $600,000 of 8%, 10-year bonds at 105. July 1 Paid semi-annual
Maritime Industries Ltd. Had the following transactions between 2020 2030:
2020
- Jan. 1 Issued $600,000 of 8%, 10-year bonds at 105.
- July 1 Paid semi-annual interest and amortized bonds by the straight-line method on the 8% bonds payable.
- Dec. 31 Accrued semi-annual interest expense and amortized bonds by the straight-line method on the 8% bonds payable.
2021
- Jan. 1 Paid semi-annual interest.
2030
- Jan. 1 Paid the 8% bonds at maturity.
Required:
- Journalize the following transactions of Maritime Industries Ltd.
- At December 31, 2020, after all year-end adjustments, determine the carrying amount of Maritimes bonds payable, net.
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