Accounting

BONDS ISSUED AT A DISCOUNT

Beilke’s Supply Stores issued the following bonds at a discount:Date of issue and sale: ….April 1, 20-1Principal amount: ……$400,000Sale price of bonds: …..97Denomination of bonds: ….$1,000Life of bonds: ……..20 yearsStated rate: ………8%, payable semiannually on …………..September 30 and March 31

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Prepare journal entries for:

(a) Issuance of the bonds at a discount.

(b) Interest payment and discount amortization on the bonds on September 30.(c) Year-end adjustment on the bonds.

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