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What journal entry recorded on june for interest payment

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Reference no: EM132763578

On January 1, Staple Company issued bonds with a face value of $200,000 and a 5 percent annual stated interest rate. 4% was the effective annual interest rate. Interest is paid out twice annually on June 30 and December 31. The bonds have a maturity of five years.

Problem 1: What is the journal entry recorded for the issuance of the bond by Staple Company on January 1st?

Problem 2: What is the journal entry recorded on June 30th for the first interest payment?

Reference no: EM132763578

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