question ae10 20 pleasehelp josephcompany issued 765 300 12 10 year bonds on decembe 4305598

question ae10 20 pleasehelp josephcompany issued 765 300 12 10 year bonds on decembe 4305598

Question

AE10-20

Pleasehelp

JosephCompany issued $765,300, 12%, 10-year bonds on December 31, 2010,for $698,336. Interest is payable semiannually on June 30 andDecember 31. Joseph Company uses the straight-line method toamortize bond premium or discount.

Prepare thejournal entries to record the following.

The issuance ofthe bonds. Date: Dec. 31, 2010

The payment ofinterest and the discount amortization on June 30, 2011. Date:June.31, 2011

The payment ofinterest and the discount amortization on December 31, 2011. DateDec. 31, 2011

The redemptionof the bonds at maturity, assuming interest for the last interestperiod has been paid and recorded. Date: Dec.31, 2020.

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