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On January 1, 2018, Steal Manufacturing issued $ 150,000 of 10%, 10-year bonds for $147,446. Interest is payable semiannually on June 30 and December 31.
On January 1, 2018, Steal Manufacturing issued $ 150,000 of 10%, 10-year bonds for $147,446. Interest is payable semiannually on June 30 and December 31. Using the given information, answer the following. Show all work for credit. (Round all answers to two decimal places as appropriate.)
#1: Record the journal entry to account for the issuance of these bonds.
#2: Record the remaining journal entries in 2018 related to the bond issue. Assume that Steal uses the straight-line method to account for amortization.
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