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Xonic Corporation issued $7.5 million of 20-year, 8 percent bonds on April 1, 2018, at 102. Interest is due on March 31 and September 30
Xonic Corporation issued $7.5 million of 20-year, 8 percent bonds on April 1, 2018, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2038. Xonics fiscal year ends on December 31.
1. Record the bond interest and amortize bond premium.
2. Record the final interest payment and amortize bond premium.
3. Record the retirement of the bonds.
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