On January 1, 2020,HeadlandCorporation purchased a newly issued $1,100,000bond. The bond matured on December 31, 2022, and
Question:
On January 1, 2020,HeadlandCorporation purchased a newly issued $1,100,000bond. The bond matured on December 31, 2022, and paid interest at6% every June 30 and December 31. The market interest rate was8%.Headland's fiscal year-end is October 31, and the company had the intention and ability to hold the bond until its maturity date.The bond will be accounted using the amortized cost model.
Prepare the journal entries on the books ofHeadlandCorporation for each of the following dates.(Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
January 1, 2020
June 30, 2020
October 31, 2020
December 31, 2020
December 31, 2022(two entries) one for interest and one for maturity of bond
There are many errors in my answer and I don't know how to figure it out. Please help me to check it.
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