On November 1, 201X, Gregg Corporation issued $850,000 of 12%, 30-year bonds to lenders at par (100).

Question:

On November 1, 201X, Gregg issued $850,000 of 12%, 30-year bonds to lenders at par (100). Interest is to be paid semiannually on May 1 and November 1. Amortization of discount is by the straight-line method. Journalize the following entries:
a. Issued the bonds.
b. Paid semiannual interest payment.
c. Retirement of bonds, assuming interest expense is up-to-date.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...