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On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with...

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Accounting

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:

a. Issuance of the bonds.

image

If an amount box does not require an entry, leave it blank or enter "0". b. First semiannual interest payment (record as separate entry from discount/premium amortization). c. Amortization of bond discount/premium, using the straight-line method of amortization, on July 1

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