Prepare the accounting entries (daily) in the sale of Bonds and to record the payment of the interest in one year. You will need to show the counts (if you don't show the counts, you receive no score). all computation must be done on the test pages.

Exercise 2

The LEMON Company issued $800,000, 10%, 20-year bonds on January 1, 2023, at 104. The Interest is paid semi-annually on July 1 and January 1. LEMON uses the method of straight-line depreciation and calendar year. Make all journal entries for the year 2023.