Pine Corporation issued $500,000 in ten-year, 8% bonds on September 1, 2019. Interest is to...
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Pine Corporation issued $500,000 in ten-year, 8% bonds on September 1, 2019. Interest is to be paid semi-annually on May 1 and November 1. The bonds were sold to yield 6% effective annual interest. Pine Corporation has a calendar year-end and follows IFRS.
Instructions: Prepare the entries required for these bonds at December 31, 2019(year end) March 1, 2020 September 1, 2020 when the interest was paid and the entire issue was retired early for $575,000 plus interest.
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