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PART A: On January 1, 2017, Borse Company issued 9%, 10-year bonds with a face...

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Accounting

PART A: On January 1, 2017, Borse Company issued 9%, 10-year bonds with a face value of $800,000. The bonds pay interest semi-annually on June 30 and December 31. Fiscal year end is December 31. Instructions a. Assuming the bonds are issued at 95, [1] prepare journal entries to record the (a) issuance of the bonds, (b) payment of interest and amortization on June 30 and December 31, 2017 and 2018. [2] Illustrate how the bonds, and related accounts, would be reported on the December 31 balance sheet for 2017 and 2018.

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