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On January 1, InnoSolutions, Inc. issued $200.000 in bonds at face value. The bonds have a stated interest rate of 6 percent. The bonds mature

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On January 1, InnoSolutions, Inc. issued $200.000 in bonds at face value. The bonds have a stated interest rate of 6 percent. The bonds mature in ten years and pay interest once per year on December 31 Required: 1. Prepare the journal entry to record the bond issuance. 2. Prepare the journal entry to record the interest payment on December 31. Assume no interest was accrued earlier in the year. 3. Assume the bonds were retired immediately after the first interest payment at a quoted price of 102. Prepare the journal entry to record the early retirement of the bonds

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