BONDS ISSUED AT FACE VALUE R & R Collectibles issued the following bonds: Date of issue and
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BONDS ISSUED AT FACE VALUE R & R Collectibles issued the following bonds:
Date of issue and sale: .......April 1, 20-1
Principal amount: ...........$500,000
Sale price of bonds: ........100
Denomination of bonds: .......$1,000
Life of bonds: ...........10 years
Stated rate: .............8%, payable semiannually on
.................September 30 and March 31
Prepare journal entries for:
(a) Issuance of the bonds.
(b) Interest payment on the bonds on September 30.
(c) Year-end adjustment on the bonds.
Face ValueFace value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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