Pretzelmania, Inc., issues 5%, 10-year bonds with a face amount of $53,000 for $53,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 5%. Interest is paid annually on December 31.
Homework Answers
| Jan 1 | Cash | 53,000 | |
| Bonds payable | 53,000 | ||
| Dec 31 | Interest expense | 2650 | |
| Cash | 2650 | ||
| (53,000*5%) | |||
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