Vernon Corporation issued a $110,000, 6.5%, 15-year bond payable. Requirement 1. Journalize the following transactions for Vernon

Question:

Vernon issued a $110,000, 6.5%, 15-year bond payable.
Requirement
1. Journalize the following transactions for Vernon and include an explanation for each entry:
(a) Issuance of the bond payable at par on January 1, 2012.
(b) Payment of semiannual cash interest on July 1, 2012.
(c) Payment of the bond payable at maturity. (Give the date.)

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...