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Journal entries related to long term bonds

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Prepare journal entries to record the following transactions related to long-term bonds of XYZ Co.

(a) On April 1, 2006, XYZ issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2016.

(b) On July 1, 2008 XYZ retired $150,000 of the bonds at 102 plus accrued interest. XYZ uses straight-line amortization.

Reference no: EM1356128

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