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Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds of Pitts Co.:
March 1: Issued $2,000,000 face value Pitts Co. seconds mortgage, 8% bonds for $2,180,400, including accrued interest. Interest is payable semiannually on Dec. 1 and June 1 with the bonds maturing 10 years from this past Dec. 1. The bonds are callable at 102.
June 1: Paid semiannual interest on Pitts Co. bonds. (Using straight-line amortization of any premium or discounts)
December 1: Paid semiannual interest on Pitts Co. bonds and purchased $1,000,000 face value bonds at the call price in accordance with the provisions of the bond indenture.
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