Refer to the information in Problem. Assume the issue price of the bonds is 102. Journalize the following bond transactions:
In problem, On January 1, 2014, Mechanics Credit Union (MCU) issued 7%, 20-year bonds payable with face value of $ 300,000. The bonds pay interest on June 30 and December 31.
a. Issuance of the bonds on January 1, 2014.
b. Payment of interest and amortization on June 30, 2014.
c. Payment of interest and amortization on December 31, 2014.
d. Retirement of the bond at maturity on December 31, 2033.