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sland Cove Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 104 Life of bonds: 10
sland Cove Corporation had the following bond issue: Date of issue/sale: May 1, 20-A Principal: $500,000 Sale price of bonds: 104 Life of bonds: 10 years Stated rate: 6% a year payable semiannually on October 31 and April 30 Required: Prepare the following general journal entries. a. The issuance of the bonds on May 1, 20-A. b. The first interest payment for 20-A. c. The adjusting entry for December 31, 20-A. d. The reversing entry for January 1, 20-B. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Page: 1
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