Redo the journal entries for Exercise 20B-3, assuming that bonds sold at 102.
In Exercise 20B-3, Devine Corporation issued $340,000 of 6%, 20-year bonds at 93 on March 1, 201X, with semiannual interest payable on March 1 and September 1. Amortization of discount is by using the straight-line method.
a. Issuance of bonds.
b. Semiannual interest payment on September 1 and amortization of discount.
c. Retirement of bonds at maturity.