Reference no: EM132737482
Question -
1. On January 1, 2019, LSS Company issued a P3, 000,000 of 9% 10 year bonds at par value. Interest payable quarterly on April 1, July 1, October 1, and January 1.
2. On June 1, 2019, Burgundy Corporation issued a P2, 000,000 of 12% bonds dated January 1 at par plus accrued interest. Interest is payable semi-annually on July 1 and January 1. Instructions: For each of these two independent situations, prepare journal entries to record the following: (a) the issuance of bonds (b) the payment of interest on July 1 (c) the accrual of interest on December 31
Foreman Corporation issued P800, 000 of 10% 20 year bonds on January 1, 2019, at P102. Interest is payable semiannually on July 1 and January 1. Foreman Company uses the straight line method of amortization for bond premium or discount.
Instructions - Prepare the journal entries to record the following:
(a) The issuance of the bonds
(b) The payment of interest and the related amortization on July 1, 2019
(c) The accrual of interest and the related amortization on December 31, 2019.
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: On January 1, 2019, LSS Company issued a P3, 000,000 of 9% 10 year bonds at par value. Prepare the journal entries to record payment of interest
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