Rolstone Corp issued $200,000, 8% debenture, 5 Yr bonds on Jan. 1, Interest payment dates...
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Accounting
Rolstone Corp issued $200,000, 8% debenture, 5 Yr bonds on Jan. 1, Interest payment dates are Jan 1 and July 1. The bonds are sold for 217,062 on Jan 1. Market rate is 6%. Prepare journal entries for the following.
a. Sale on Jan 1
b. July1 entry Jan 1 entry. Yr 2
c. Oct 1 entry Yr 1 - End of Fiscal Year July 1 entry. Yr 2
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