Stevens Corporation issued 700 000 of 9 bonds on May 1
Stevens Corporation issued $700,000 of 9% bonds on May 1, 2012. The bonds were dated January 1, 2012, and mature on January 1, 2017, with interest payable each July 1 and January 1. The bonds were issued at face value plus accrued interest. Prepare the company’s journal entries for
(a) The May 1 issuance,
(b) The July 1 interest payment, and
(c) The December 31 adjusting entry.
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