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ABC Company authorized a $400,000, 2-year, 6% bond issue dated July 1, 2019, with semi-annual...

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Accounting

ABC Company authorized a $400,000, 2-year, 6% bond issue dated July 1, 2019, with semi-annual interest to be paid each December 31 and June 30. The market rate at the time of issuance was 4%. Houston Company has a December 31 year-end.

  1. Prepare the journal entry to record the sale of the bonds.
  2. Complete an Amortization table:

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