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Create the journal entries to record the redemption of bonds

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Reference no: EM132775095

Garrison Company issued $400,000 of 8%, 20-year bonds on January 1, 2018, at face value. Interest is payable annually on January 1.

Instructions

Problem 1: Prepare the journal entries to record the following events.

(a) The issuance of the bonds.

(b) The payment of interest on January 1, 2019.

(c) The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.

Reference no: EM132775095

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