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Prepare the entries required on march

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Question - On January 1, 2020, Swifty Corporation issued 8% bonds with a par value of $4,520,000, due in 10 years. The company incurred $183,000 in costs associated with the issuance of the bonds, which were capitalized. The bonds were issued at 101, and paid interest on January 1 and July 1 each year. Swifty's year-end was March 31. The company followed ASPE and chose to use the straight-line method of amortization for bond discounts or premiums.

Required -

1. Prepare the journal entry to record the issue of the bonds.

2. Prepare the entries required on March 31, 2020 to accrue interest and record any amortization required.

Reference no: EM132652922

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