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Xonic Corporation issued $8 million of 20-year, 8 percent bonds on March 31, 2015, at 102. Interest is due on March 31 and September 30
Xonic Corporation issued $8 million of 20-year, 8 percent bonds on March 31, 2015, 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, 2035. Xonic's fiscal year ends on December 31. Prepare the following joumal entries: a. March 31, 2015, to record the issuance of the bonds. b. September 30, 2015, to pay interest and to amortize the bond premium. c. December 31, 2015, adjusting entry d. March 31, 2016, to pay interest and to amortize the bond premium
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