Solved: Foreman company issued 800000 of 10 20-year bonds on, Financial Accounting

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Foreman company issued 800000 of 10 20-year bonds on

Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.

Instructions

Prepare the journal entries to record the following.

(a) The issuance of the bonds.
(b) The payment of interest and the related amortization on July 1, 2012.
(c) The accrual of interest and the related amortization on December 31, 2012.

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Financial Accounting: Foreman company issued 800000 of 10 20-year bonds on

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