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Wefald Company sold bonds with a face value of $608,000 for $570,000. The bonds have...

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Accounting

Wefald Company sold bonds with a face value of $608,000 for $570,000. The bonds have a coupon rate of 8 percent, mature in 6 years, and pay interest semiannually every June 30 and December 31.

All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on January 1 and the payment of interest on June 30 of this year. Wefald uses the straight-line amortization method.

  • Record the sale of the bonds on January 1.
  • Record the payment of interest on June 30 using straight-line amortization.

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