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Q. 3 (12 marks) Randy Mining Co. is expanding its operations in northern Ontario. On December 21, 2018, the company issued $570,000 of 5%, seven-year

Q. 3 (12 marks) Randy Mining Co. is expanding its operations in northern Ontario. On December 21, 2018, the company issued $570,000 of 5%, seven-year bonds for $538,181. Interest is paid annually on December 31. The market rate of interest is 6%. The company uses the effective interest rate method.

Required: Prepare the journal entries for December 31, 2019 and 2020.

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