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On January 1, 2018, General Bell Company issued $1,200,000 par value, 8%, five-year bonds while...

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Accounting

On January 1, 2018, General Bell Company issued $1,200,000 par value, 8%, five-year bonds while the effective rate is 12%. The bonds are dated January 1, 2018. The interests are payable semiannually each June 30 and December 31. On January 1, 2020, General Bell calls half the issue at 101 and cancels it. Write all necessary journal entries.

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