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Question - On June 30, 2020, Helmer Corp. issued $500,000 in long-term bonds. The bonds will mature in 10 years and have a stated interest rate of 8%. The market rate at time of issue was 10%. The bonds pay interest semi-annually on June 30 and December 31. On September 30, 2022, Helmer decided to retire 20% of the bonds. At that time, the bonds were selling at 98. Helmer follows IFRS.
Required -
1. Prepare all entries related to the issuance of the bonds and payments of interest to June 30, 2022.
2. Prepare the journal entries to record the partial retirement on September 30, 2022. This question is easier to do if you make an amortization table in Excel.
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