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On February 1, 2024, Strauss-Lombardi issued 8% bonds, dated February 1, with a face amount of $600,000. - The bonds sold for $544,796 and mature
On February 1, 2024, Strauss-Lombardi issued 8% bonds, dated February 1, with a face amount of $600,000. - The bonds sold for $544,796 and mature on January 31, 2044 (20 years). - The market yield for bonds of similar risk and maturity was 9%. - Interest is paid semiannually on July 31 and January 31 . - Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2024, interest on July 31,2024 (at the effective rate), adjusting entry to accrue interest on December 31,2024 and interest on January 31,2025 , Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Record the issuance of the bond on February 1, 2024. Nose: Enter dehits before credits
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