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Provide the transactional journal entries

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Question - On Jan 1st 2020, Tinning Co. sold 100,000 tins. Each tin cost Tinning Co. $0.10 to produce. Tinning Co. received a 3 year bond with the face amount of $10,000 with a stated rate of 5% compounded annually. The market rate for similar bonds is 8%. Tinning Co. prepares financial statements once every year.

Required -

1. Provide the transactional journal entries associated with this transaction on Jan 1st 2020.

2. Provide the transactional journal entries dated December 31st 2020 when the first interest payment is received.

Reference no: EM132749814

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