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On Jan. 1, 2014, ACU issued 8%, 20-year bonds payable with face value of $800,000. The bonds pay interest on June 30 and December 31.
On Jan. 1, 2014, ACU issued 8%, 20-year bonds payable with face value of $800,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds in 107. Journalize the following: A) Issuance of the bonds on Jan. 1 2014 B) Payment of interest and amortization on June 30, 2014 C) Payment of interest and amortization on Dec. 31, 2014 D) Retirement of the bond at maturity on Dec. 31, 2033 Assume bonds payable are amortized using the straight-line amortization method. Record debits first then credits
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