Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2011, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June 30, 2031. Mellilo's fiscal year ends on December 31.
Prepare the journal entry at June 30, 2031, to pay interest, amortize the bond discount:I know what accounts they go into just dont know the amounts. These are the account titles have. Just need amounts please
- Bond interest expense :
- Discount on bonds payable: