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
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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