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Prepare journal entries to record the bond issuance

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Question - On September 1, 2016 BondBeagle Inc. issues $1,000,000 face value bonds. The bond date is July 1, 2016, and the bonds carry a coupon rate of 6% per year, payable semi-annually on July 1 and January 1. The bonds' maturity date is July 1, 2036. The bonds provide an annual yield of 4%.

BondBeagle Inc. uses the effective interest rate method to amortize any bond premium or discount. BondBeagle Inc.'s accounting year-end is February 28. Prepare all of the relevant journal entries to record the bond issuance.

Reference no: EM133051576

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