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Prepare journal entries to record the issue

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Question - DISTAFF & SPEAR, Inc., issued $250,000 of 8%, 15-year bonds at 104 on July 1, 2007. Interest is payable semi-annually on December 31 and June 30. Through June 30, 2014 DISTAFF & SPEAR amortized $3,186 of the bond premium. On July 1, 2014 DISTAFF & SPEAR retired the bonds at 99.

Required - Prepare journal entries to record the (i) issue and (ii) retirement of these bonds. (Assume the June interest expense has already been recorded.)

Reference no: EM132898114

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