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The Bradford Company...

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Accounting

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The Bradford Company issued 8% bonds, dated January 1, with a face amount of $50 million on January 1, 2018 to Saxton-Bose Corporation. The bonds mature on December 31, 2032 (15 years). For bonds of similar risk and maturity, the market yield is 10% Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of S1. FVAD of S1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.): Required: 1. to 3. Prepare the journal entry to record the purchase of the bonds by Saxton-Bose on January 1, 2018, interest revenue on June 30, 2018 and interest revenue on December 31, 2018 (at the effective rate). (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the bonds by Saxton-Bose. Note: Enter debits before credits Date Debit Credit January 01, 2018 Record entry Clear entry View general journal

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