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Malcolm Company sold $6,000,000,7%,15-year bonds, on January 1,2024. The bonds were dated January 1,2024 and...

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Accounting

Malcolm Company sold $6,000,000,7%,15-year bonds, on January 1,2024. The bonds were dated January 1,2024 and pay interest each December 31. The bonds were sold at 98.
a) Prepare the journal entry to record the issuance of the bonds on January 1,2024.
b) At January 1,2026, when the carrying value of the bonds was $5,896,000, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the year had already been paid.
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