Record accrued interest and to amortize the premium

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Reference no: EM133327653

Case: Jon Inc. was authorized to issue $1,000,000 of 6 percent bonds. On April 1, 2022, the corporation issued bonds with a face value of $500,000 at a price of 102.0. The bonds mature 10 years from the date of issue. Interest is payable semiannually on October 1 and April 1.

Required:

Using the data given above, give the adjusting entry that would be made by Jon Inc. on December 31, 2022, to record accrued interest and to amortize the premium.

Reference no: EM133327653

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