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On January 1, 2017, Maris Enterprises issued 9%, 5-year bonds with a face amount of $800,000 at par. Interest is payable semiannually on January 1
On January 1, 2017, Maris Enterprises issued 9%, 5-year bonds with a face amount of $800,000 at par. Interest is payable semiannually on January 1 and July.
Instructions
Prepare the entries to record:
- The issuance of the bonds on January 1, 2017.
- The interest expense on July 1 and December 31.
- The payment of interest on January 1, 2018.
- The redemption of bonds at maturity.
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