Journalizing bond issuance and interest payments [10 min]
On June 30, Dogwood Limited issues 8%, 20-year bonds payable with a maturity value of $130,000. The bonds sell at 94 and pay interest on June 30 and December 31. Dogwood amortizes bond discount by the straight-line method.
Requirements
1. Journalize the issuance of the bonds on June 30.
2. Journalize the semiannual interest payment and amortization of bond discount on December 31.
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