Question: On November 1 201X Gregg Corporation issued 850 000 of 12

On November 1, 201X, Gregg Corporation 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.

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  • CreatedApril 24, 2014
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