D&E Stamps issued the following bonds: Date of issue and sale..April 1, 20-1 Principal amount: ....$400,000 Sale
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D&E Stamps issued the following bonds:
Date of issue and sale..April 1, 20-1
Principal amount: ....$400,000
Sale price of bonds: ...100
Denomination of bonds: ..$1,000
Life of bonds: ......10 years
Stated rate: ........7%, payable semiannually on September 30 and March 31
Prepare journal entries for:
(a) Issuance of the bonds.
(b) Interest payment on the bonds on September 30.
(c) Year-end adjustment on the bonds.
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