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The Samson Corporation's fiscal year ends on December 31st. On July 1, 2020, Samson authorized $1,000,000 of six-percent, eight-year mortgage bonds, which will pay interest
The Samson Corporation's fiscal year ends on December 31st. On July 1, 2020, Samson authorized $1,000,000 of six-percent, eight-year mortgage bonds, which will pay interest semi-annually, on each June 30th and December 31st. On October 1, 2022, Samson issued one-half of the bonds, at a discount of $20,700, in return for cash and a building with a fair market value of $240,000. The discount is amortized at each interest payment date. Prepare all the journal entries required for the bonds for the period July 1, 2020 through December 31, 2022. (There is no year end closing entry at december 31st)
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