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  3. on january 1, 2018, splash city issues $370,000 of

On January 1, 2018, Splash City issues $370,000 of 6% bonds, due in 20 years,...

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Accounting

On January 1, 2018, Splash City issues $370,000 of 6% bonds, due in 20 years, with interest payable semi-annually on June 30 and December 31 each year. The market interest rate on the issue date is 7% and the bonds issued at $330,493.

2. If the market interest rate drops to 6% on December 31, 2019, it will cost $370,000 to retire the bonds. Record the retirement of the bonds on December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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