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Prepare adjusting journal entry to record interest expense

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Reference no: EM132318498

Question

Kingbird, Inc. issues $2.50 million, 5-year, 9% bonds at 104, with interest payable annually January 1. The straight-line method is used to amortize bond premium.

Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132318498

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