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  3. robin inc. issued $1,000,000, 5%, five-year bonds

Robin inc. issued $1,000,000, 5%, five-year bonds on January 1, 2020 for $1,100,000. The bond...

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Accounting

Robin inc. issued $1,000,000, 5%, five-year bonds on January 1, 2020 for $1,100,000. The bond pays annual coupons on January 1 every year. (Assume no issuance costs were incurred). Given a delay in the transaction, the bonds were only sold on March 31, 2020. The purchaser agreed to pay the agreed-upon price plus accrued interest. What entry should be done on December 31, 2020 (Year-End)

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