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Suppose Sam and Sons purchases $1,100,000 of 7% annual bonds of Clarkson Corporation at face...

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Accounting

Suppose Sam and Sons purchases $1,100,000 of 7% annual bonds of Clarkson Corporation at face value on Jan. 1, 2018. These bonds pay interest on June 30 and December 31 each year. They mature on December 31, 2027. Sam intends to hold the bond investment until maturity.

1. Journalize Sam and Sons transactions related to the bonds for 2018.

2. Journalize the entry required on the Clarkson bonds maturity date assuming the last interest payment has already been recorded.

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