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  3. ii thomas co issued $1,200,000 of 10 year 8% bonds

II Thomas Co issued $1,200,000 of 10 year 8% bonds on May 1^("st ") of...

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Accounting

II Thomas Co issued $1,200,000 of 10 year 8% bonds on May 1^("st ") of the current year at face value, with interest payable on May 1^("sf ") and November 1^("sf "). Journalize on May 1^("st ") the issuance of the bonds for cash at face on May 1^("st ") and journalize the first interest payment on November 1^("st "). Faust Company issued $100,000 bonds that sold for $94,000 on January 1^("st "). This was a 10 year bond at 10% interest that pays interest semiannually. Record the journal entry of the bonds issued for cash on January 1^("st. ") and record the first payment of interest and amortize the discount journal entry on July 1^("st "). Johnson Company issued

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