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Account for the issuance of bonds 9of12 Knowledge Check 2 On January 1, Year 1,...

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Accounting

Account for the issuance of bonds

9of12

Knowledge Check 2

On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,501. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the first interest payment by selecting the account names and dollar amounts from the drop-down menus. If more than one account title is debited or credited, enter the account titles in their alphabetical order.

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