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On January 1, 2018, Jones Jeans Co. buys a 8 year $600,000 face value bond...

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Accounting

On January 1, 2018, Jones Jeans Co. buys a 8 year $600,000 face value bond from Rawlings Inc. The bonds pay semi-annual interest on January 1 and July 1. The bonds are classified as held to maturity.

Assume that Rawlings Inc. had issued $60 million, in total, of the bonds that were purchased by Jones Jeans Co.

Prepare the journal entries

a) at issuance

b) July 1 interest payments for Rawling Inc.

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