Refer to the information for Sicily Corporation above. Sicily Corporation issued $500,000 in 6 percent bonds (payable

Question:

Refer to the information for Sicily above.
Sicily issued $500,000 in 6 percent bonds (payable on December 31, 2021) on December 31, 2011, for $402,440. Interest is paid on June 30 and December 31. The market rate of interest is 9 percent.

Required:
Prepare the journal entries for December 31, 2013 and 2014. 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...