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Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2020, at 102....

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Accounting

Celine Dion Company issued $600,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. Dion Company uses the straight-line method of amortization for bond premium or discount.

Instructions:

Prepare the journal entries to record the following.

  1. The issuance of bonds.
  2. The payment of interest and the related amortization on July 1, 2020.
  3. The accrual of interest and the related amortization on December 31, 2020.

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