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Question 20-(8 Marks)-(15 Minutes) On September 1,2024, Bear Corporation issued $1,000,000,6%,10-year bonds. Interest...

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Accounting

Question 20-(8 Marks)-(15 Minutes)
On September 1,2024, Bear Corporation issued $1,000,000,6%,10-year bonds. Interest is payable annually with the first payment due on September 1,2025.
Instructions
a) Provide the appropriate journal entry on September 1,2024, to record the issuance of the bonds if the market rate of interest is 8%. Round your answer to the nearest dollar.
b) Assuming Bear has a December 31 year end, prepare the year-end adjusting entry related to the bonds. Round your answer to the nearest dollar.
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